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Analyst Research Report Snapshot


Griffin Securities Initiates Coverage on Big Lots (BIG)




Griffin Securities, Inc.


31 Jan 2013





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We are initiating coverage on Big Lots, Inc. (BIG) with a BUY rating, and we are establishing an 18-month price target of $45 for BIG shares. • Comparable store sales declines over past 2 years should be coming to an end; • Company has reinstated John Martin as chief merchandising officer (held post previous to 4/11 with much success) should drive top line growth- BIG is actively searching for new CEO; • Acquisition in Canada expected to B/E in FY ’14 vs. projected loss of $0.24 FY ’13; • 3 new initiatives- loyalty program, full market remodels & cooler/freezer rollout to drive revenues; • Competitive insulation from online retail sales that continue to garner a greater % of consumer pocketbook; • Clean balance sheet and strong discretionary free C/F- projecting $2.48 FY ’13 & $2.98 FY ’14, and; • EPS projections of $2.93 FY ’13 & $3.42 FY ’14.

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