Piper Jaffray Upgrades Big Lots (BIG) to Buy
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Piper Jaffray upgrades Big Lots (NYSE: BIG) from Neutral to Buy and raises their price target from $27 to $37.
The firm said, "As evidenced in the earnings release yesterday, we believe consumer shopping behavior has become more value conscious in today's macro economic environment. This trend bodes well for discount retailers offering brand name merchandise at reduced prices. Additionally, brand name closeout opportunities are becoming more robust as retailers are closing stores or pushing back merchandise to suppliers. These two trends should continue to favor Big Lots for the remainder of F08 allowing strong possibility for the Company to beat its increased guidance of $1.80-$1.90, respectively."
Big Lots, Inc., through its subsidiaries, operates as a broadline closeout retailer in the United States.
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