Best Buy gets positive feedback for turnaround plan

Best Buy gets some positive feedback

Best Buy has endured blows over the past several years, some self-inflicted and others dealt by its critics. However, Best Buy's latest turnaround plan has drawn positive attention from analyst Michael Pachter of Wedbush, a longtime follower of the company.

"We believe that Best Buy management has made the best of a bad situation," Pachter wrote in a research note on May 21. "Its near-flawless execution has positioned the company to capitalize on environmental tail winds throughout 2015."

He still has questions about Best Buy's international operations, calling them a "quagmire" and believes additional investments in the company's Canadian operations are due.

Pachter maintained his "neutral" rating. According to Thomson Reuters, Best Buy currently has 16 "buy" recommendations, nine "hold" recommendations and one "sell" recommendation.

Analyst: Silver Bay has made positive moves

Plymouth-based Silver Bay Realty Trust, a real estate investment trust that leases and manages single-family homes, reported first-quarter results that included a 23 percent bump in its first-quarter revenue compared with the same quarter a year ago. Silver Bay in April acquired 2,373 properties, primarily in Atlanta, Charlotte, Tampa and Orlando from the American Home, a real estate investment and management company.

Hormel acquisition goes where growth is

Last week, Hormel Foods Corp. announced that it would acquire Applegate Farms, a natural and organic meat supplier based in Bridgewater, N.J., for about $775 million.

This is the third big acquisition in the past three years for Hormel, based in Austin, Minn. In January 2013, it paid $700 million to acquire the Skippy peanut butter brand, and in October 2013, it paid $450 million for the maker of Muscle Milk.

The acquisition of Applegate gives a Hormel a bigger presence in the growing organic foods market. "Natural and organic is where it's at," said Brian Yarbrough, a stock analyst at Edward Jones. "That is where the growth is, and that is where it will continue to be as more people are focused on health and wellness."