Best Buy gets a boost from RadioShack
Analyst upgrades Best Buy's rating, says the retailer would gain from buying RadioShack.
By Jeanine Poggi, TheStreet
Best Buy (BBY) was upgraded on Monday on the possibility that it may acquire rival RadioShack (RSH).
FBR Capital Markets raised the electronics retailer to “market perform” from “underperform.” Analyst Stephen Chick said such an acquisition would benefit Best Buy, comparing it to the company's 50% ownership of UK-based Carphone Warehouse.
While a deal would be boost earnings, there are risks to merging two rival companies, Chick wrote in a note. "We would like to let the dust settle here in order to better assess the risk/reward of Best Buy."
Separately, Best Buy said it will sell Barnes & Noble's (BKS) Nook e-reader starting on April 18. The Nook costs $259.99. Best Buy was also the exclusive retailer of Apple's (AAPL) iPad when it launched earlier in the month.
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Best Buy shares have climbed 10% during the past year, trailing behind the 66% advance of the Standard & Poor’s Retail Index.
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