** Brokerage Oppenheimer says discount store operator Five Below will see market share opportunities from store closings at Big Lots

** Five Below's shares up 1.4%

** Discount home goods retailer Big Lots initiated Chapter 11 bankruptcy proceedings on Monday and said it plans to close about 20% of its roughly 1,400 outlets

** Both the companies have significant core customer overlap, with initial store closings at BIGGQ poised to cede market share worth $70 mln-75 mln - Oppenheimer analyst Brian Nagel

** Over time, a complete shutdown of BIGGQ could suggest total addressable market share of $300 mln-320 mln and comp lift of 300-500 bps for Five Below - Nagel

** Brokerage maintains cautious stance on Five Below due to pressures being faced by low-to-middle income consumer

** 10 of 24 brokerages rate Five Below's shares "buy" or higher, 14 "hold"; median PT $100 - LSEG

** Including session's move, company's shares down almost 60% YTD

(Reporting by Savyata Mishra in Bengaluru)

((Savyata.Mishra@thomsonreuters.com))