Chukumba’s not the only one waiting. Peter Keith, retail analyst at Piper Jaffray, has a “neutral” rating on Best Buy — despite the company’s positive earnings reporton Tuesday.
“Interim CEO Mike Mikan laid out some interesting plans on the [analysts’] conference call, but we don’t know if he’s the permanent fit so it’s hard to get any confidence long term,” said Keith.
Keith says an official chief executive and a greater online sales presence are necessary for Best Buy’s future success.
An online platform is seen as a way to make up for the company’s current plans to close 50 large U.S. brick-and-mortar stores.
“I don’t think that their online platform is particularly robust, so I was pleased to hear Mikan talk about re-investing a lot of assets to make an improvement there,” Keith concluded.
—By CNBC’s Jennifer Leigh Parker
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Neither Anthony Chukumba nor Peter Keith personally own Best Buy shares, but their respective firms, BB&T Capital Markets and Piper Jaffray, make a market (match buyers and sellers) in the company’s securities.
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