Oppenheimer Reiterates Outperform on Big Lots (BIG) Ahead of 3Q Report
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Oppenheimer reiterated an Outperform rating and $60.00 price target on Big Lots (NYSE: BIG) ahead of the company's 3Q earnings report. Oppenheimer is expecting EPS of ($0.02) vs. management guidance for earnings of ($0.04) to $0.01 and a Street figure of ($0.01).
Analyst Brian Nagel commented, "Several months ago, in a report entitled Big Lots—Still Underappreciated Potential?, we launched coverage of BIG with an Outperform rating (June 2nd at $52.42). BIG will report Q3 (Oct.) results on Fri., Dec. 2nd. As we look toward this upcoming announcement, we don't expect much in the way of fireworks from the chain. Better sales at Dollar Tree (DLTR) and Target (TGT) suggest to us that top-line headwinds for the discount store sector might be abating, somewhat. Furniture remains a key internal comp driver for BIG. We note that shares tend to languish upon quarterly reports from BIG. Clients should look upon another solid, positive comp from the chain as a further step in the right direction, and use any potential near-term weakness in shares as a buying opportunity."
Shares of Big Lots closed at $50.61 yesterday.
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