Big Lots price target lowered to $2.50 from $5 at Telsey Advisory

Telsey Advisory lowered the firm’s price target on Big Lots to $2.50 from $5 and keeps a Market Perform rating on the shares. The company’s Q1 results were “disappointing,” as performance missed estimates and expectations were reset lower, the analyst tells investors. Big Lots is in a tough spot, and while the company is making progress on select initiatives, the firm is waiting to see stabilization of the business.