UPDATE: Wedbush Raises Price Target On Big Lots To $34

According to Wedbush, Big Lots (NYSE: BIG) price target is raised to $34.

Wedbush said that aggressive share repurchases during the quarter benefited EPS by $0.03. “Raising our price target to $34, which assumes the stock should trade at roughly 10x our revised 2012 EPS forecast of $3.48 — at a slight discount to our projected longer-term earnings growth rate in the low teens.”

Big Lots closed yesterday at $32.21.