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Fly News Breaks for May 24, 2019
BIG
May 24, 2019 | 06:03 EDT
Piper Jaffray analyst Peter Keith downgraded Big Lots to Neutral from Overweight and lowered his price target for the shares to $31 from $44. The analyst says the downgrade is based on risk to first half of 2019 estimates as well as ongoing tariff concerns. The analyst believes Big Lots' Q1 was "in-line at best" and that Q2 "appears to have stepped up markdown activity." On tariffs, Big Lots imports 21% of sales from China with a majority now getting tariffed at 25%, Keith tells investors in a research note.
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