Wedbush Lowers PT On Big 5 Sporting Goods To $11 After 1Q EPS Miss

Wedbush Securities has published a research report on Big 5 Sporting Goods BGFV after the company reported a 1q EPS miss. In the report, Wedbush writes "BGFV reported Q1 EPS of 13¢ vs. our 17¢ estimate and consensus of 19¢. The miss came from the expense line (-6¢ vs. our model) as employee benefit costs unexpectedly ballooned by $1.5m. The challenging macro environment (rising gas prices, high unemployment), coupled with expectations that Q1 expense issues were not one-time in nature, led to Q2 guidance significantly below expectations (6¢-14¢ vs. consensus of 23¢). After a series of earnings misses, we expect the shares to be under pressure until the company can demonstrate consistent comp growth and expense control." Wedbush maintains its Neutral rating and has lowered the price target from $13 to $11. Big 5 Sporting Goods closed yesterday at $11.77.