Oppenheimer analyst Brian Nagel believes that Best Buy has transformed into a "much stronger" company, positioned well to compete better with chains of all sizes, including online players. While a lacking product cycle remains a headwind for Best Buy, the analyst says the company is now situated to deliver "solid" earnings and cash flow even with its sales growth hovering around flat. Nagel reiterates a Perform rating on the shares as he does not expect the market to award Best Buy a higher multiple so long as top-line trends at the chain remain soft.