In a development which has come as good news for the group, Best Buy, the giant electronics chain, was recently upgraded to "buy" from "neutral" by Goldman Sachs, mainly on the back of valuation and prospects for a better-than-expected ongoing year.

Goldman shared that the retailer's stock was currently trading at a discount as compared to its peers, and also revealed that Best Buy is slated to record better TV sales in 2010. The retailer is banking heavily on BD television sets this year, but there are various industry analysts who are not expecting any quick payoffs.

Its target on Best Buy was raised to $47 from $44 by Goldman.

With the market worrying about longer-term sales and margin prospects for the electronics chain, Best Buy has managed to trade at a discount as compared to similar retailer for quite some years now.

Shares of Best Buy, which are currently trading at about 13 times forward the earnings, were up 1.5% at $41.03 during trading of Friday morning.

Fourth-quarter results of Best Buy will be released next week.