Shares of Best Buy (BBY) Fail to Buck-the-Trend Despite Analyst Upgrade

Shares of Best Buy (NYSE: BBY) failed to buck the trend in the broader retail industry today despite an extremely bullish note and upgrade from Piper Jaffray on the technology retailer. Shares of Best Buy are currently down more than 4%, or about a dollar, to $23.40, which is about in-line with the 3.5% decline in the SPDR S&P Retail ETF (NYSE: XRT), a popular retail-wide fund.

In its report, which can be viewed here, Piper pounded the table with a convicted fist, calling Best Buy "a best buy" ahead of its Q3 results, which are expected out tomorrow. The firm also raised its price target on Best Buy from $22 to $33.

Elsewhere in the retail sector: JCPenney (NYSE: JCP) down 4.6% to $19.57, Target (NYSE: TGT) down 3.4% to $34.64, Sears (Nasdaq: SHLD) down 11.4% to $40.01, Macy's (NYSE: M) down 4% to $8.15 and Saks (NYSE: SKS) down 8.7% to $3.98.

Best Buy Co., Inc., together with its subsidiaries, operates as a specialty retailer of consumer electronics, home office products, entertainment software, appliances, and related services primarily in the United States, Canada, and China.

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