Big Lots (BIG) PT Lowered to $25 at JPMorgan, April Checks Were Materially Below Feb

JPMorgan analyst Matthew Boss lowered the price target on Big Lots (NYSE: BIG) to $25.00 (from $31.00) while maintaining a Underweight rating after conducting checks that indicate his below consensus comp estimate for a decline of -12% (relative to 2019), slightly below the consensus decline of -11%, is not low enough. The April exit rate was materially below February according to his checks.

The analyst stated "by our work the combination of higher food and energy prices (both actual + media impact), rising AUR on discretionary items (i.e. home/furniture), and mind-share impact of geopolitical concerns, and covid incrementally weighed on Big Lots’ low to middle income consumer as the quarter progressed (w/ notable softening in March/April relative to February)."

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