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Fly News Breaks for November 19, 2018
BIG
Nov 19, 2018 | 06:03 EDT
Piper Jaffray analyst Peter Keith upgraded Big Lots to Overweight and raised his price target for the shares to $53 from $43. The analyst expects to a "strong" tax refund season in early 2019 for lower/moderate-income families. A key driver is the increase of the Child Tax Credit, which should "solidly benefit" Big Lots' comp trends in the first half of 2019, Keith tells investors in a research note. Separately, the analyst estimates accelerated Store of the Future rollout can benefit comps by 1.5% for 2019.
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