Ollie's up after multiple brokerages lift PTs on strong Q1 results

Ollie's Bargain Outlet Holdings

08/06/2023 17:16

** Shares of Ollie's Bargain Outlet Holdings  OLLI.O  rise
as much as 2.3% to $62.47; stock last up marginally
    ** The discount retailer on Wednesday raised its annual
sales and profit forecasts after beating Q1 sales and profit
expectations
    ** At least eight brokerages lift price target on OLLI, with
Craig-Hallum raising to the highest of $80
    ** JP Morgan sees a favorable competitive backdrop in 2023
for OLLI as it benefits from consumer trade-down, especially,
from higher-income and young shoppers
    ** Craig-Hallum highlights OLLI seeing Q1 strength in Lawn &
Garden, which sells grass seeds, gardening soil and pottery due
to its heavy discounts and deals while most retailers cited the
category as a weakness
    ** Jefferies says, strong and growing brand awareness with
growing consumer base positions co to continue gaining market
share
    ** Eight of 15 brokerages rate the stock "buy" or higher,
six "hold" and one "sell" or lower; their median PT is $67.50 -
Refinitiv
    ** Stock up 30.6% in 2023

 (Reporting by Anne Florentyna Gnanaraja Sekar in Bengaluru)
 ((AnneFlorentyna.GnanarajaSekar@thomsonreuters.com;))