Barclays Maintains an 'Overweight' on Big Lots (BIG); Translating Its Skills into Canadian Dollars

Barclays maintains an 'Overweight' on Big Lots (NYSE: BIG) price target of $38.00.

Barclays analyst says, "BIG has not expressed any new concerns about the impact of the economy on its results, nor has it indicated that business is struggling, despite negative comps in 1H11. Instead, there is clear optimism about the steps being taken to improve merchandising in key areas like domestics, table-top, small appliances, and fireplace tools, while maintaining recent improvements in consumables. The company is so confident in the current organization, in fact, that it has taken on the challenge of turning around Liquidation World's 90 loss-making stores in Canada."

"We are lowering our 3Q11 EPS to $0.05 from $0.22 vs. guidance of $0.03-$0.08 and decreasing our FY11 EPS to $2.91 from $3.04 vs. guidance of $2.80-$2.90. Guidance assumes no additonal share repurchases. We are also lowering our FY12 EPS to $3.50 from $3.76."

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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