Benchmark Raises Price Target and Figures on Big Lots (BIG) Following Strong Comp Growth
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Price: $0.50 --0%
Rating Summary:
9 Buy, 15 Hold, 6 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
Rating Summary:
9 Buy, 15 Hold, 6 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
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Benchmark is reiterating its Buy rating on Big Lots (NYSE: BIG) and is raising its price target from $45 to $53 as Q4 comps exceeded expectations.
The company reported Q4 comps rose 3.4 percent, well ahead of the Street's and firm's forecasts of 1.7 percent and 0.5 percent. To go inline with the strong results, the firm raised its Q4 and FY12 EPS estimates from $1.59 and $3.13 to $1.74 and $3.30.
An analyst at Benchmark comments, "Big lots reported the strongest categories were the high margin seasonal category and furniture, both up low double digits, and the low margin consumable category up high single digits. We were surprised to see the seasonal category comped so well, as we had noticed excess holiday items at the end of the season during our channel checks. As we suspected consumables continued to be strong with comps up in the high single digits."
For an analyst ratings summary and ratings history on Big Lots click here. For more ratings news on Big Lots click here.
Shares of Big Lots closed at $39.55 yesterday.
The company reported Q4 comps rose 3.4 percent, well ahead of the Street's and firm's forecasts of 1.7 percent and 0.5 percent. To go inline with the strong results, the firm raised its Q4 and FY12 EPS estimates from $1.59 and $3.13 to $1.74 and $3.30.
An analyst at Benchmark comments, "Big lots reported the strongest categories were the high margin seasonal category and furniture, both up low double digits, and the low margin consumable category up high single digits. We were surprised to see the seasonal category comped so well, as we had noticed excess holiday items at the end of the season during our channel checks. As we suspected consumables continued to be strong with comps up in the high single digits."
For an analyst ratings summary and ratings history on Big Lots click here. For more ratings news on Big Lots click here.
Shares of Big Lots closed at $39.55 yesterday.
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