Big Lots (BIG) PT Raised to $35 at Loop Capital

Loop Capital analyst Anthony Chukumba raised the price target on Big Lots (NYSE: BIG) to $35.00 (from $15.00) while maintaining a Hold rating.

The analyst commented, "Big Lots was the latest deep discount retailer to far exceed consensus expectations in F1Q 2020, including the best comparable store sales performance we can remember; robust operating margin expansion; and a healthy earnings beat. In addition, we were pleased to hear the company's top-line momentum continued into F2Q 2020, with management forecasting earnings well ahead of our prior forecast. We are hiking up our price target to $35 from $15 to reflect Big Lots' recent trends, as well as the upcoming closing of the sale/leaseback announced last month. All that said, with the stock up 26% year to date (as compared to a 6% decline in the S&P 500), we believe our Hold rating remains appropriate."

You May Also Be Interested In

• Goldman Sachs Upgrades Lumo Kodit Oyj (LUMO:FH) to Buy
• Netwealth Group Ltd. (NWL:AU) PT Lowered to AUD24 at JPMorgan
• Craig-Hallum Starts Aviat Networks (AVNW) at Buy