Analysis: Best Buy could climb higher if CEO Joly lives up to hype

Hubert Joly, President and CEO of Best Buy, sits in the Reuters Television studio after an interview, in New YorkBy Dhanya Skariachan NEW YORK (Reuters) – Even though Best Buy Co's stock has tripled this year, riding on the success of CEO Hubert Joly's turnaround strategy, many on Wall Street think the retailer's resurgence isn't over. Investors and analysts say Joly's initiative – anchored by sharp cost cuts – could boost the stock further, especially because shares still trade at a discount compared with peers. The U.S. electronics chain faces fierce competition from the likes of Wal-Mart Stores Inc and Inc but is showing signs it can compete against them. …

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