This year, Best Buy has lived up to its name. With a gain of nearly 140 percent, shares of the electronics retailer have been on fire during the first five months of 2013, after the company was seemingly left for dead. So can the run continue?
Mike Baker says yes. He's the Deutsche Bank analyst who covers Best Buy, and on Friday, he reiterated his "buy" rating and increased his price target to $31 from $28.
For him, it's all about market share.
According to the trade publication This Week in Consumer Electronics, Best Buy sold $32.5 billion worth of consumer electronics in 2011, and $31.5 billion worth in 2012.
That means that out of the top 100 consumer electronics retailers, Best Buy's market share dropped from 24.4 percent to 23.7 percent, as Wal-Mart and Amazon both gained share over the course of a year in which the top 100 retailers saw sales drop by 0.3 percent overall.