Best Buy gained nearly 3% in early trading on Wall Street, in the wake of an upgrade by Jefferies from 'hold' to 'buy', with a price target raised from $69 to $89 on the consumer electronics chain's stock.

While acknowledging that '2024 will not be a record year', the broker expects the post-pandemic purchase replacement cycle to start soon, and believes that 'demand linked to growing consumer interest in AI will be the icing on the cake'.

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