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Why Best Buy Stock Jumped Today

TheMotleyFool

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Shares of Best Buy (NYSE: BBY) have jumped today, up by 10% as of 1 p.m. EDT, after the company received an upgrade from Wall Street. Telsey Advisory Group boosted its rating from market perform to outperform.

Telsey analyst Joseph Feldman believes that Best Buy has handled the COVID-19 pandemic relatively well, especially when compared to other retailers. At the same time, the wholesale shift to remote work at many companies is driving demand for consumer electronics necessary to work from home, such as laptops and webcams for videoconferencing.

Image source: Best Buy.

Source Fool.com

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