Many investors feel like they missed a big opportunity with Best Buy (BBY), since the stock price has doubled off its bottom and is up a whopping 150% this year. Many analysts credit the new management team for turning around the electronic retailer “turning its store base from a cost liability to an offensive weapon, part of its multi-fanged distribution approach to customer satisfaction.” And BBY may have more room to run as Credit Suisse raised its target price from $32 to $40, pushing the stock by almost 9% yesterday to $29.71.
Traders do your homework before you jump in feet first. Three of Best Buy’s executive VP’s cashed out stock holdings in the last week of June as the company was reaching a multi-year high. However, BBY may still have more room to run following a trend of retail turnarounds like Home Depot (HD) and Tractor Supply (TSCO), who’s stock prices more than doubled after new management teams came on board.