Just in time for another Black Friday, Wachovia has upgraded its opinion of BBY to outperform from market perform, saying the stock is valued between $55 and $58. The brokerage said a reason behind this upgrade was improved visibility into second-half trends in HD television sales.
In early trading, the stock has edged fractionally higher but remains between its 10-day and 20-day moving averages, around which the stock has been circling since early October. A longer-term view shows that BBY has been consolidating lower since last October, guided south by its 10-month moving average. On the plus side, the shares appear to be forming a bottom around the 44 level, which hasn't been breached in convincing fashion since early 2005.