NEW YORK (TheStreet) -- Electronics retailer Best Buy (BBY) - Get Report will report fiscal fourth-quarter and full-year results Tuesday, and analysts are more bullish about the company's prospects, making the stock a great buy.

Although comparable same-store sales growth will be the primary focus, Best Buy has a lot of tailwinds to propel its shares higher. In addition, the shares are already cheap.

Best Buy stock closed Friday at $38.10, up 1.46%. Shares of the company, based in Richfield, Minn., are down 2.3% for the year to date, lagging gains of 1.74% and 2.21% for the Dow Jones Industrial Average and the S&P 500, respectively, but expand that horizon by 12 months and the story changes.

Take a look at the chart:

In the past 12 months, Best Buy shareholders have seen their positions grow by more than 50%, dominating the 16% gains in the

SPDR S&P Retail ETF,

home to

prominent retailers

such as

Wal-Mart Stores

(WMT) - Get Report

and

Whole Foods

(WFM)

, which during that span, are up just 15.39% and 6.87%, respectively.

Yet, despite this outperformance, shares of Best Buy are trading at a discounted trailing price-to-earnings ratio ratio of 13, which is almost one-third the P/E of Whole Foods and three points lower than Wal-Mart. In addition, Best Buy's P/E is discounted eight points lower to the averageS&P 500 stock of 21.5, implying less risk for investors who buy ahead of Tuesday's results.

Analysts have become more bullish.

Best Buy's earnings estimates have jumped almost 4% from $1.30 a share, where they were at the end of the last quarter, to $1.35 a share for the just-ended quarter. Likewise, earnings for the fiscal year ended Jan. 31 are expected to be $2.45 a share.

Not only does this represent a year-over-year jump of 18%, it is also a 2% estimate increase since the end of the last quarter.

Despite the projected earnings increase, analysts anticipate a 1% year-over-year drop in fourth-quarter and full-year revenue. Fourth-quarter revenue of $14.35 billion implies a 1% year-over-year decline, while full-year revenue is projected to fall more than 2% to $41.4 billion.

In that regard, it means that Best Buy is squeezing as much profits as it can from the revenue it generates, which is an encouraging sign for investors. It also means that the company's diligent cost-cutting efforts are having a positive impact on the bottom line.

And to the extent that Best Buy can increase its same-store sales -- the metric that tracks results of stores that have been open at least one year -- by the slimmest of margins, the stock should continue to outperform the SPDR S&P Retail ETF.

In short, the shares have a consensus buy rating and an average 12-month price target of $48, implying 10% gains from Friday's close. That, combined with Best Buy's quarterly dividend of 19 cents a share, yielding 2%, makes it one of the best bargains in retail.

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This article is commentary by an independent contributor. At the time of publication, the author held no position in the stocks mentioned.