Canaccord Genuity Maintains a 'Buy' on Big Lots (BIG); SSS Disappointment, But Shares Still Cheap
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Price: $0.50 --0%
Rating Summary:
9 Buy, 15 Hold, 6 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
9 Buy, 15 Hold, 6 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Canaccord Genuity maintains a 'Buy' on Big Lots (NYSE: BIG) price target lowered by $1 to $57.
Analyst, Laura Champine, said, "BIG lowered guidance for U.S. SSS sales as it now expects to report a slight decline on top of -3.6%, versus a prior outlook of 2%-4% and our estimate of +4%. Management commented that sales tailed off in late March and through April after trending in line with expectations through the first six weeks of Q1. We are reducing our Q1 EPS estimate by $0.06 to $0.75 on a 1% SSS decline." (Cuts FY12 by $0.11 to $3.39)
"We are obviously disappointed with the announcement, as we thought the company was making progress in its weaker categories of consumables and electronics. At 13x our FY12 EPS estimate and 6x FY12E EV/EBITDA, BIG shares appear cheap enough to maintain a BUY rating."
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 $45.71 yesterday.
Analyst, Laura Champine, said, "BIG lowered guidance for U.S. SSS sales as it now expects to report a slight decline on top of -3.6%, versus a prior outlook of 2%-4% and our estimate of +4%. Management commented that sales tailed off in late March and through April after trending in line with expectations through the first six weeks of Q1. We are reducing our Q1 EPS estimate by $0.06 to $0.75 on a 1% SSS decline." (Cuts FY12 by $0.11 to $3.39)
"We are obviously disappointed with the announcement, as we thought the company was making progress in its weaker categories of consumables and electronics. At 13x our FY12 EPS estimate and 6x FY12E EV/EBITDA, BIG shares appear cheap enough to maintain a BUY rating."
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 $45.71 yesterday.
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