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.
Confident Investing Starts Here:
- Easily unpack a company's performance with TipRanks' new KPI Data for smart investment decisions
- Receive undervalued, market resilient stocks right to your inbox with TipRanks' Smart Value Newsletter
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on BIG:
- Largest borrow rate increases among liquid names
- Microchip and Roblox downgraded: Wall Street’s top analyst calls
- Loop Capital upgraded Big Lots to Hold on possibility of ‘meme stock fever’
- Big Lots upgraded to Hold from Sell at Loop Capital
- Big Lots closing stores, could file for bankruptcy, New York Post says
Looking for a trading platform? Check out TipRanks' Best Online Brokers , and find the ideal broker for your trades.
Report an Issue