MINNEAPOLIS — Supervalu’s beleaguered stock regained some value Wednesday after a Bank of America analyst lifted a “sell” rating on the stock and suggested the retailer could raise investment capital by selling its distribution business. Supervalu stock lost more than 20% of its value in the weeks following a disappointing 2008 outlook. Scott Mushkin, a Bank of America analyst, in a research note said pricing issues at Shaw’s and a store conditions on the West Coast would continue to pressure Supervalu, but suggested Supervalu’s management should consider selling its distribution business and using the proceeds — which Mushkin estimated to be worth $10 a share, or more than $2 billion — to invest in remodels and lower prices.

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