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Big Lots' Negative Q2 Earnings & Softer Q3 Outlook Keep This Analyst On The Sideline

·1 min read
  • Telsey Advisory Group analyst Joseph Feldman reiterated a Market Perform rating on the shares of Big Lots Inc (NYSE: BIG) with a price target of $23.00.

  • Feldman said Big Lots's 2Q22 earnings were a disappointment with negative comp and operating losses, but on a relative and adjusted basis, the 2Q22 results came in a touch better than expected.

  • The analyst added that the quarter was impacted by a slowdown in consumer spending on big-ticket discretionary items.

  • He noted that the company faced pressure from elevated gas prices and inflation, higher supply chain and operating costs, and the company's decision to step up promotions to clear inventory.

  • Like many retailers, it appears that COVID-19 helped the company over-earn in the past two years, with the reset underway.

  • Big Lots' negative Q2 earnings and softer Q3 outlook keep the analyst on the sideline.

  • Price Action: BIG shares are trading higher by 8.86% at $23.45 on the last check Tuesday.

  • Photo Via Company

Latest Ratings for BIG

Date

Firm

Action

From

To

Mar 2022

Goldman Sachs

Maintains

Sell

Mar 2022

Loop Capital

Maintains

Hold

Feb 2022

Telsey Advisory Group

Maintains

Market Perform

View More Analyst Ratings for BIG

View the Latest Analyst Ratings

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