UPDATE: Big Lots (BIG) PT Lowered to $27 at Loop Capital

Loop Capital analyst Anthony Chukumba lowered the price target on Big Lots (NYSE: BIG) to $27.00 (from $38.00) while maintaining a Hold rating.

The analyst comments "Big Lots’ F1Q 2022 results were undoubtedly disappointing, including a worse-than-expected top line decline, profit margin degradation, and a surprise operating loss. We believe it is becoming increasingly clear Big Lots was a “pandemic beneficiary,” and is now being hit by the “double whammy” of a post-COVID environment and skyrocketing inflation and gasoline prices. Thus, we increasingly view Big Lots as a “show me story,” particularly given management’s expectation of another operating loss in F2Q 2022. We are lowering our price target to $27 from $38 but believe our Hold rating remains appropriate."

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