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Big 5 Sporting Goods (BGFV)
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Big 5 Sporting Goods' (BGFV - Analyst Report) second-quarter 2011 earnings dropped the prior-year quarter. The decline was primarily attributable to a 1.7% fall in same-store sales. Accordingly, the company has lowered same-store sales projections for third-quarter 2011, reflecting a sharp decline from the prior-year quarter.
Big 5 Sporting Goods also sees intense competition from national chains, mass merchandisers and regional stores which may dent its future operating performance. Moreover, the seasonal nature of business and risks associated with sourcing from foreign countries may have an adverse impact on the company's future performance.
Our long-term Underperform recommendation on the stock indicates that it would perform well below the broader market. Our target price of $6.65, 10.2x 2011 EPS, reflects this view.
Big 5 Sporting Goods (BGFV) : FULL ANALYST REPORT
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