Goldman Sachs Turns Bearish On Big Lots Citing Lackluster Store Traffic

by Shivani Kumaresan, Benzinga Staff Writer

December 14, 2021 11:15 AM | 1 min read

Goldman Sachs analyst Kate McShane downgraded Big Lots Inc BIG to Sell from Neutral with a price target of $43, down from $58.
McShane said despite increasing mobility trends and the company's treasure hunt experience, store traffic "remained lackluster" at Big Lots.
Looking ahead, the analyst anticipated further store traffic challenges for the company.
The low-end consumer will likely slow discretionary spending as real wages are squeezed, especially in Big Lots' key categories of furniture and home, and focus shopping trips on more essential retailers, McShane said.
Price Action: BIG shares are trading lower by 2.52% at $42.86 on the last check Tuesday.