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Fly News Breaks for June 3, 2016
BIG
Jun 3, 2016 | 06:32 EDT
Oppenheimer analyst Brian Nagel initiated Big Lots with an Outperform rating and $60 price target due to the ongoing turnaround potential. Nagel said new CEO David Campisi has tightened financial and operational controls and has transitioned to a more consistent merchant of higher quality, valued-priced products from one focused on closeout deals. The analyst believes operating margins still have room to improve and valuation remains depressed.
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