UPDATE: Piper Jaffray Color On BIG 4Q

Piper Jaffray, which raised its PT on shares of Big Lots Inc. (NYSE: 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.