Ollie's down after Wells Fargo cuts to 'equal weight', lowers PT

Ollie's Bargain Outlet Holdings

03/12/2024 15:04

** Discount retailer Ollie's Bargain Outlet's  OLLI.O  
shares fall nearly 4% to $95.77 after brokerage Wells Fargo
downgrades stock to "equal weight" from "overweight"
    ** Wells Fargo also cuts PT to $95 from $100 citing
uncertainty in business and expansion concerns 
    ** "Short term, we see Q4 uncertainty given the holiday
calendar and BIG stores liquidations," says Wells Fargo analyst
Edward Kelly 
    ** Brokerage says gross margin upside seems limited
    ** Says the best time to own OLLI may have passed and that
the path forward seems "tricky"
    ** Eleven of 15 brokerages rate the stock "buy" or higher,
three "hold" and one "sell" or lower; with a median PT of $107
    ** Stock up 32% YTD as of last close

 (Reporting by Aamir Sohail in Bengaluru)
 ((Aamir.Sohail@thomsonreuters.com;))