The stock had previously closed at $29.27.

Best Buy continues to surprise analysts with its stronger than expected earnings with the earnings beat for the quarter being the tenth consecutive one.

The company’s shares, which had fallen 24 per cent in the past six months, were up 14.9 per cent at $US33.62 in morning trading.

Its revenue surged to $8.53 billion from $8.46 billion. “Best Buy continues its successful transformation into a true multi-channel retailer, and we believe the company will continue to benefit from its deep vendor relationships with world-class partners such as Samsung, Sony, Microsoft, Apple, and Amazon”, he writes. Finally, Deutsche Bank decreased their target price on shares of Best Buy Co from $44.00 to $42.00 and set a buy rating on the stock in a research note on Friday, May 22nd. Overall, Best Buy reported comparable-store sales growth of 3.8%, with online sales surging 17% year-over-year.

Best Buy forecast flat to low single-digit percentage revenue growth and approximately flat operating income, with increased expenses due to inflation and investments offsetting higher gross profit. In the past 52-week period, the stock has been trading in a range of $28.32 to $42.00. Best Buy Co presently has a consensus rating of “Buy” and an average target price of $41.36. The company has a market cap of $10.44B and a P/E ratio of 12.9. The Company offers service to the consumers, small business owners and educators, who visit its stores, engage with Geek Squad agents or use its Websites or mobile applications. It has internet and retail operations in Canada the USA and Mexico. It operates through two segments: global and Domestic.

Electronics retailer Best Buy is upping its bet on Apple’s new smartwatch ahead of the holiday season. The Domestic segment is comprised of all operations within the U.S. and its territories.

Apple has a reputation of being very demanding, and hitching Best Buy’s star to another retailer with its own stores and priorities always comes with risks.