Piper Jaffray Remains Neutral On Big Lots

According to Piper Jaffray, Big Lots (NYSE:

) reported a Q2 comp of -1.5%, which was ahead of PJC of -2% and consensus of -1.8% and in the middle of guidance of flat to -3%. Piper Jaffray said that retail sales of $1,152.7M were slightly below the estimate of $1,158.9M. “We remain Neutral on BIG and we are lowering our PT to $35 from $39.” Big Lots closed yesterday at $32.02.