Guggenheim says Best Buy is the most undervalued large-cap retailer, sees an 11% upside

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A salesman carries a Best Buy shopping basket in San Francisco, California.

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Best Buy is undervalued next to its peers as it continues to innovate within consumer electronics and provides more services for its customers, according to Guggenheim.

Guggenheim initiated coverage of Best Buy with a buy rating and an $80 price target, which would be an 11% upside for the stock.

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