Big Lots price target lowered to $1.50 from $2.50 at Telsey Advisory

Telsey Advisory lowered the firm’s price target on Big Lots to $1.50 from $2.50 and keeps a Market Perform rating on the shares. The company recently announced the amendment to its credit and term loan facilities, with a key change being the increase of the number of permitted store closures to 315 from 150, the analyst tells investors. While the firm supports this proactive action, Telsey is incrementally worried by the need to close as many as 315 stores, which would likely require significant changes to the business model.