Big Lots initiated with an Underperform at Credit Suisse

Credit Suisse analyst Karen Short initiated coverage of Big Lots with an Underperform rating and $15 price target. Big Lots is at risk of "significant" market share losses going forward as the company continues to re-invent itself to remain relevant, Short tells investors in a research note. The analyst says its reinventions "have not proven to be successful to date." Big’s sales and profit gains in the earlier part of the pandemic are proving to be unsustainable, writes Short.