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Fly News Breaks for January 7, 2019
BIG
Jan 7, 2019 | 07:48 EDT
As previously reported, Morgan Stanley analyst Vincent Sinisi downgraded Big Lots to Equal Weight from Overweight as he now believes the company's transformation is likely to take longer than he'd previously expected. The company's underperformance in 2018, in a highly favorable consumer environment, was driven by elevated expenses, which Sinisi believes are likely to continue, he tells investors. He has lowered his estimates to below the Street to reflect significant margin and expense headwinds from freight, tariffs and remodel investments and contends that a further earnings reset may be needed for 2019. Sinisi cut his price target on Big Lots shares to $33 from $43.
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