Why Best Buy Looks Like a Bargain Despite Revenue Struggles

NEW YORK (TheStreet) -- Consumer electronics giant Best Buy (BBY) is trying to do the impossible -- survive in an Amazon (AMZN) -dominated world

Shares, at around $32, are down close to 20% on the year to date. By contrast shares of another retailer, Barnes & Noble (BKS) are, at near $24, up 58%. So things could be much worse. Just ask RadioShack (RSH) .

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Still, it's hard to ignore the potential value in Best Buy shares and the company could become 2015's best turnaround candidate in retail. Remember, no one thought J.C. Penney (JCP)   would survive until its numbers showed the company can no longer be written off.

So, at around $32, investors taking a chance on Best Buy here can do very well. With the holiday quarter approaching and all of the hype around new product releases from Apple (AAPL) , I'm willing to bet on a beat-and-raise quarter come November. At that point, these shares should be well above $35, an almost 10% gain in less than two months.

The way I see it, there's no risk here. With the stock trading at a price-to-earnings ratio of 10, which is three points below the industry average, according to Yahoo! Finance, Wall Street is expecting little to no growth at all in the next couple of quarters.

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