Barclay's maintained its neutral rating and kept its outlook on Best Buy unchanged, hovering 12 cents below Wall Street estimates. "We do see the prospects for Best Buy being brighter than [other electronics chains]," Rifkin said. "While there's no clear catalyst for the stock to move up, there is some valuation support in the low $20 range."
Nagel set a price target of $25 a share, calling it "basically fair value." He also gives Best Buy a lot of credit for being able to tough out the harsh competitive environment it continues to face.
"Over the past year or so, they've done a really good job of managing costs," he said. "They're generating a lot of cash and buying back stock, so they're controlling what they can."
Electronics retailers such as Best Buy and RadioShack are facing fierce competition from online rivals, most notably Amazon.com, and dealing with a very weak product cycle — one which would continue to be a challenge.
"There's just not really a whole lot of hot, new products to sell," the analyst said. "I don't see the LED or 3D [TV screens] driving substantial replacement demand anytime soon."
Nagel also called Apple products' impact on Best Buy stores a mixed bag.
"It's clearly a traffic driver for them, [but] I think it actually ends up hurting margins at Best Buy," he said. "Apple products tend to cannibalize potentially higher-margin products within their [own] stores."
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Best Buy is an investment banking client of Barclay's Capital. Analysts Brian Nagel and Alan Rifkin do not personally own stock in the company.