April 18, 2018 / 3:50 PM / in 7 months

BUZZ-Best Buy to team up with Amazon to sell smart TVs

(Updates with analyst comments)

** No. 1 U.S. consumer electronics retailer’s shares up ~4 pct at $75.62, third biggest gainer on the S&P consumer discretionary index

** BBY signs multi-year partnership to sell television sets powered by Amazon.com’s Fire TV operating system in U.S. and Canada

** Amazon shares up 1.7 pct at $1529.26, top boost to SPLRCD

** BBY would launch more than ten 4K and HD Fire TV Edition models starting this summer, with TVs by Toshiba and Best Buy’s Insignia

** Morgan Stanley views the partnership as positive for both companies as at one point AMZN represented BBY’s single biggest threat, but this risk has seemingly been neutralized as BBY improved all aspects of its offering

** MS believes Amazon is partnering with Best Buy because it may see the benefit of brick and mortar presence in the TV category

** BBY shares have gained 10.4 pct YTD falling short of Amazon’s ~31 pct rise which is the second best performer on SPLRCD (Reporting by Vibhuti Sharma in Bengaluru)

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