NEW YORK (Reuters) - Top U.S. electronics retailer Best Buy Co has been gaining market share as rival Circuit City closes stores, and smart cost cutting could keep it shining throughout 2009, Barron's said in its December 22 edition.
The weekly business newspaper said that while Best Buy shares were off by a third since it ran a bullish story on the company earlier this year, the retailer has been making the most of its rival Circuit City's woes, after that company filed for bankruptcy.
"While the shares have disappointed us this year, they're now looking every bit as tempting as a cut-rate iPhone," the report said.
Best Buy beat expectations in the latest quarter and said it would reduce costs through cuts, and was paring the number of new stores it will open in 2009.
(Reporting by Lilla Zuill, editing by Maureen Bavdek)
