- 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.
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