UPDATE: Deutsche Bank Downgrades Big Lots

According to a research report published this morning, Deutsche Bank has downgraded Big Lots

from Buy to Hold. In the report, Deutsche Bank mentioned, "We are downgrading shares of B.I.G to Hold from Buy following its negative update on 1Q SSS. While we walked away concerned following our management meetings last month in Boston (see our 3/29 FC note entitled, “Not All Is Good in Buckeye Land, Meeting Notes”), the magnitude of the shortfall (given the compare) and the category of weakness (i.e. consumables) raises structural issues (again, ala 3Q10). Exacerbating the company's credibility issues – the team at BIG is no longer attending a competitor's conference tomorrow, which only deepens our concerns." Deutsche Bank maintains its $34 PT on Big Lots, which closed yesterday at $45.71.