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Berger: Why Best Buy is a good buy
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A rally in the broader stock market has lifted stocks in the consumer discretionary sector. Serge Berger, better known as The Steady Trader, is watching the rise of one consumer discretionary stock in particular, Best Buy. The US electronics retailer’s rating was upgraded from “market perform” to “overperform” by Oppenheimer at the beginning of the month. The stock has increased almost 5% since then.
The company has taken measures to cut costs, which the market has had a positive reaction towards. Serge is looking for the stock to continue to move higher before it reports earnings on Tuesday, March 3rd. He plans to buy the stock at USD 39.50 with a price target of USD 41.50. A stop can be placed at 38.50. Serge does not want to hold the stock beyond the release of its earnings report next week.
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