October 7, 2018 / 7:30 PM / 14 days ago

UPDATE 1-Barnes & Noble shares could have more upside -Barron's

(Adds Barnes & Noble comment)

Oct 7 (Reuters) - Shares of Barnes & Noble Inc could still have more upside after a jump in the stock this week on news the bookseller is exploring strategic options, according to Barron’s.

Barnes & Noble is valued at less than four times its projected earnings before interest, taxes depreciation and amortization (EBITDA), compared to six to 10 times for most retailers, the business news weekly wrote.

Nevertheless, Barron’s said the company either “needs a buyer or a new strategy because the current approach hasn’t been working.”

“We simply cannot comment on what others say Barnes & Noble’s stock is worth no matter how well intended,” a Barnes & Noble spokeswoman said in an emailed statement.

Barnes & Noble shares rose 21.8 percent on Thursday after it announced the strategic review after several parties, including founder-chairman Leonard Riggio, showed interest in buying the bookseller. They closed on Friday at $6.95.

Reporting by Joshua Franklin in New York; Editing by Nick Zieminski and Cynthia Osterman

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