Wedbush Raises Price Target on Big Lots (BIG), Strong Q2 Results and Unchanged Outlook
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Price: $3.47 --0%
Rating Summary:
9 Buy, 14 Hold, 7 Sell
Rating Trend: Up
Today's Overall Ratings:
Up: 16 | Down: 17 | New: 5
Rating Summary:
9 Buy, 14 Hold, 7 Sell
Rating Trend: Up
Today's Overall Ratings:
Up: 16 | Down: 17 | New: 5
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Wedbush is maintaining it Neutral rating on shares of Big Lots (NYSE: BIG) while it raises its price target from $32 to $34.
The company released its second quarter results with earnings topping expectations. EPS for the quarter was $0.50, well ahead of the firm's and Street's estimates of $0.42 and $0.44. Earnings also topped the company's guidance of $0.38-$0.48.
The firm is tweaking its 2011 and 2012 EPS estimates from $2.84 and $3.24 to $2.81 and $3.48 to account for the impacts from share repurchases and Canadian operations. Wedbush notes that guidance for consolidated results includes 2011 EPS of $2.80-$2.90 and the guidance for U.S. 2011 EPS is now $3.10-$3.20, up from $2.75-$2.90 previously.
"While the company has had some lumpy sales in certain merchandise categories, we note that comparisons do get easier heading into 2H, and the valuation is looking more attractive but we await more consistent category performance," states an analyst at Wedbush.
For more ratings news on Big Lots click here and for the rating history of Big Lots click here.
Shares of Big Lots closed at $32.21 yesterday.
The company released its second quarter results with earnings topping expectations. EPS for the quarter was $0.50, well ahead of the firm's and Street's estimates of $0.42 and $0.44. Earnings also topped the company's guidance of $0.38-$0.48.
The firm is tweaking its 2011 and 2012 EPS estimates from $2.84 and $3.24 to $2.81 and $3.48 to account for the impacts from share repurchases and Canadian operations. Wedbush notes that guidance for consolidated results includes 2011 EPS of $2.80-$2.90 and the guidance for U.S. 2011 EPS is now $3.10-$3.20, up from $2.75-$2.90 previously.
"While the company has had some lumpy sales in certain merchandise categories, we note that comparisons do get easier heading into 2H, and the valuation is looking more attractive but we await more consistent category performance," states an analyst at Wedbush.
For more ratings news on Big Lots click here and for the rating history of Big Lots click here.
Shares of Big Lots closed at $32.21 yesterday.
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