OLLI - Big Lots shares slump as Piper Sandler cuts price target

Big Lots (NYSE:BIG) shares dropped Friday as Piper Sandler cut its price target for the home discount retailer from $34 to $29. The brokerage maintained a neutral rating on the stock. Shares are currently down 7.4% to $27.14 and is down ~42.62% YTD. Peers Ollie's Bargain Outlet (OLLI), B&M European Value (OTCPK:BMRRY), Franchise Group (FRG), Tuesday Morning (TUEM) and MINISO Group (MNSO) are all trading down today in what seems to be a sector-wide decline. Earlier this month, retail sector saw sharp decline as the Federal Reserve's well-telegraphed decision to hike interest rates unleashed more concerns from investors on the impact of a recession on consumer spending.

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Big Lots shares slump as Piper Sandler cuts price target