BIG - Why Big Lots Stock Is a Lot Smaller Today
2023-08-30 16:53:28 ET
Shares of discount retailer Big Lots (NYSE: BIG) tumbled 12.8% on Wednesday, giving back about half the gains won from Tuesday's big post-earnings stock price rally . And you can probably blame Wall Street analysts for that.
Not that their intentions weren't good. Yesterday, if you recall, Big Lots reported a $3.24 per share net loss on a 15% decline in sales to $1.14 billion for its second fiscal quarter of 2023. Bad numbers, to be sure, but it's still better than the $4.12 per share loss and $1.1 billion in sales that Wall Street analysts had predicted.
This morning, two separate investment banks -- Telsey Advisory and Loop Capital -- rewarded this performance by issuing price target upgrades for Big Lots. Loop raised its price target on the retailer by $1 to $7 a share. Telsey went even further, hiking Big Lots from $6 to $8 a share. But that's where the good news ends.
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Why Big Lots Stock Is a Lot Smaller Today