UPDATE: Deutsche Bank Upgrades Big Lots to Buy, Raises PT on Good Entry Point for Turnaround Story

In a report published Tuesday, Deutsche Bank analyst Paul Trussell upgraded the rating on

from Hold to Buy, and raised the price target from $32.00 to $33.00. In the report, Deutsche Bank noted, “Down 32% over the past 3 months (to just 5.0x fwd EV/EBITDA), with short interest of 10% and just a 31% Buy recommendation ratio, we believe shares of BIG more than discount the execution risks associated with the new CEO's vision to make Big Lots a more relevant retailer. While we acknowledge an increasingly competitive environment and headwinds faced by consumers, BIG has the lowest sales productivity in our universe.” Big Lots closed on Friday at $26.30.