UPDATE: Piper Jaffray Color On BIG 4Q

Piper Jaffray, which raised its PT on shares of Big Lots Inc. BIG, is providing some color on the stock.

“We are maintaining our Neutral rating….following BIG's Q4 results,” Piper Jaffray writes. “During yesterday's call management announced Q4 EPS of $1.46 that topped consensus of $1.38 and PJC of $1.40 due mostly to better than expected expense leverage and a beneficial tax rate. We are increasing our price target to $37 (from $31) based on 5.5x our revised F11 EBITDA of $475.3M.”

Big Lots Inc. closed Thursday at $41.33.