UPDATE: Deutsche Bank Upgrades Big Lots to Hold; Near-Term Risks Off The Table

Deutsche Bank upgraded Big Lots

from Sell to Hold and raised the price target from $24.00 to $35.00. Deutsche Bank said, "We are upgrading shares of Big Lots to Hold from Sell as investor's focus turns from weak operating results to potential strategic and merchandising changes ahead, with a new CEO likely to be named in the coming months, an ongoing full market remodel program, coolers being tested, and marketing changes underway. Guidance for 2H13 implies significant improvement in both the topline and margin trends, and may be at risk of being achieved, however, 1Q guidance was realistic, in our view, limiting downside risks in the near-term." Big Lots closed at $35.97 on Wednesday.