JB Hi-Fi (ASX:JBH) share price lifts today on broker rating upgrade

The JB Hi-Fi Limited (ASX: JBH) share price gained almost 2% in afternoon trading today after the company received a rating upgrade from broker Bell Porter.

The broker has revised JB Hi-Fi’s rating from a “sell” to “neutral”, despite saying the share price is already trading at fair value at current levels.

At the time of writing, the JB Hi-Fi share price is at $44.77, up by 85 cents.

Reason for the upgrade

Bell Porter believes that JB Hi-Fi will continue its strong results in the second-quarter, following a strong first-quarter update.

The broker expects the 27.6% like-for-like sales surge in the first quarter for the flagship brand, as well as the 30.9% surge in The Good Guys brand, will continue through to the…