Piper Sandler lowered the firm’s price target on Big Lots to $3.50 from $6.00 and keeps an Underweight rating on the shares. Big Lots’ Q3 results showed inline sales and slight EPS upside, and while comp is trending toward less negative, the firm expects comp challenges in 2024 as Big Lots laps notable markdown activity from 2023, the analyst tells investors in a research note. The firm sees notable negative EBITDA and cash burn next year.
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