FILE PHOTO: The logo for Barnes and Noble is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York, U.S., May 18, 2018. REUTERS/Brendan McDermid/File Photo

(Reuters) - Shares of Barnes & Noble Inc BKS.N 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.”

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.

The company did not immediately respond to a request for comment.