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Market Scan
Circuit City's Transformation Should Boost Stock
Kate DuBose Tomassi, 01.18.06, 4:29 PM ET
Bear Stearns analyst Dana Telsey upgraded Circuit City Stores (nyse: CC - news - people ) to "outperform" from "peer perform," saying the company's recent turnaround should lift the stock.
"The transformation of Circuit City into a good company from an underperforming one should drive further strong stock performance in a classic multi-year turnaround story," the analyst said in a report Wednesday.
The analyst raised earnings-per-share estimates for fiscal years 2007 and 2008 to $1.02 and $1.28, respectively, from 98 cents and $1.16.
Telsey said Circuit City's better in-store execution and customer-service support have boosted topline growth and increased market share.
For 2006, he described Circuit City as "well-positioned" and said the year could be a peak for the digital TV cycle.
The analyst maintained a price target of $29 on the stock.
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