Shares of leading electronics retailer Best Buy (BBY: sentiment, chart, options) have surged more than 4% so far today, following positive analyst comments from Goldman Sachs. The brokerage firm lifted its rating on the shares to "buy" from "neutral," and boosted its price target to $34 per share from $31 per share. In a note to clients, Goldman Sachs stated that it sees potential for expansion for Best Buy, as the company will benefit from the closure of many competing Circuit City stores.

This argument has been made before, but investors appear to finally be listening. The stock has surged more than 84% higher since hitting a multi-year low in late November 2008. On today's news, BBY has even bested former round-number resistance at the 30 level and topped its declining 20-week moving average. The shares have not closed a week above 30 level since early October 2008, and have not finished a week above their 20-week trendline since mid-September 2008.

From a sentiment perspective, BBY could have plenty of fuel left in the tank. Only 7 of the 16 analysts following the shares rate them a "buy" or better, according to Zacks, while Thomson Financial reports that the average 12-month price target for the stock rests at $30.50 per share.

Should analysts join Goldman Sachs in upgrading the stock and/or lifting their price targets, we could see additional buying pressure manifest on BBY. As my colleague Jocelynn Drake put it in a recent Best Buy commentary, "Overall, traders should keep a close watch on the 30 level. Should the stock succeed in breaching resistance in this region, it could spur the bears into jumping on the equity's bandwagon, creating a fresh wave of buying pressure."