Ollie's Bargain up after JP Morgan upgrades to 'overweight'

Ollie's Bargain Outlet Holdings

17/06/2024 11:57

** Discount stores operator Ollie's Bargain Outlet  OLLI.O 
up 3.2% at $90.5 premarket 
    ** JP Morgan upgrades rating to "overweight" from "neutral"
and hikes PT to $105 from $89 
    ** Brokerage says OLLI trading at a 13.8x turn discount
relative to its pre-pandemic multiple 
    ** "No structural impediment to margins" - JP Morgan
    ** Sees lateral competitive disruption opportunity as
potential catalyst for OLLI to accelerate pace of
same-store-sales growth & unit growth - JP Morgan 
    ** OLLI raised FY 2024 sales and earnings forecast two weeks
back 
    ** Out of 15 analysts tracking stock, 12 rate "buy" or
higher, while 3 rate "hold" or lower, with median PT $100
    ** OLLI is up 15.6% YTD as of last close vs 17.8% gain in
Nasdaq  .IXIC 
    
    

 (Reporting by Pranav Kashyap in Bengaluru)
 ((Pranav.Kashyap@thomsonreuters.com;))