Needham & Company Maintains a 'Buy' on Big 5 Sporting Goods (BGFV); Cutting Estimates on Warm Weather Impact

Needham & Company maintains a 'Buy' on Big 5 Sporting Goods (NASDAQ: BGFV) price target of $13.00.

Analyst, Sean McGowan, said, "BGFV reported 1Q results slightly below our estimates and consensus expectations; much of the weakness was due to the impact of unseasonably warm weather...BGFV’s ongoing evaluation of product mix and continued investment in online retailing leave us optimistic about longer-term prospects, but the near term guidance was more conservative than we expected. Despite strong initial sales in 2Q, management’s commentary regarding continued GM pressure, as well as a low guided range for 2Q EPS ($0.05-$0.11) has caused us to lower our estimates. For 2Q we are currently expecting sales of $229 mm, SSS + 2.4%, and EPS of $0.10. Our model calls for FY SSS to improve 1.4% and FY EPS of $0.65 (down from $0.75)." (FY13 cut from $1.00 to $0.95)

For an analyst ratings summary and ratings history on Big 5 Sporting Goods click here. For more ratings news on Big 5 Sporting Goods click here.

Shares of Big 5 Sporting Goods closed at $7.93 yesterday.

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