Benchmark Maintains $50 Price Target On Big Lots

According to Benchmark, Big Lots BIG $50 price target is maintained. Benchmark said that it maintains its $50 price target based on 16x its 2011 EPS estimate of $3.13 and 7.5x its 2011 EBITDA estimate, as its price target did not contain a take out premium. “We believe management was looking for a multiple similar to Family Dollar's unsolicited offer of 9.3x 2011E EBITDA, or the 10 multiple Dollar General received from KKR.” Big Lots closed yesterday at $33.77.