Best Buy Co. Inc. (NYSE:BBY) Posts Major Gains This Holiday Season Along With eBay Inc (NASDAQ:EBAY)
Over the next week, the host of big pocketed retailers would be hunkering down with their spread sheets and calculators to figure out how the just passed thanksgiving shopping binge has treated them. Best Buy Co., Inc. (NYSE:BBY) with a market cap of $14.1 billion will also be doing the same. If the initial rushes are to be believed two strong gainers in this year’s online dog fight for customer dollars are eBay Inc(NASDAQ:EBAY) and Best Buy Co., Inc. (NYSE:BBY). While the mail order firm has managed to post a 38.7% increase in its sales compared to previous year same period sales numbers sales gains for the Electronic retailer has also been impressive this year. It has been rated forth among the top 5 online retailers in terms of number of on-line purchases recorded during last Thursday and Saturday. The other e commerce which made it to the top 5 list were “Amazon, eBay, Walmart, and Target”.
In the run up to the holiday season sales commencement, the stock of Best Buy Co., Inc. (NYSE:BBY) has been posting strong gains at the browsers. In the past week, it has gained in market value by 4.34%. Since the favorable news reports of strong sales emerged, the stock posted a significant 1.31% increase during trading yesterday. It ended the day at 441.08 per share up 273% from its prior 52 week low price.
Thanks to the robust sales performance in the last five days, the stock of Best Buy Co., Inc. (NYSE:BBY) won a big thumbs up from rating analysts at Citigroup. The surge in sales promoted a buy rating by Citi and a further upping of the price target to $48 per share. It has opined that the well thought out discount offerings and positioning of fast selling electronic goods helped the firm in gaining market share