Ollie’s Bargain Outlet price target lowered to $60 from $65 at Jefferies

Jefferies analyst Randal Konik lowered the firm’s price target on Ollie’s Bargain Outlet to $60 from $65 and keeps a Buy rating on the shares following the company’s Q3 miss, which he sees reflecting both the challenging operating environment and a product assortment that is "subject to more cyclicality than other value retail models." He reduced his earnings and valuation assumptions, leading to his lower target, but Konik believes Ollie’s has ample runway for store growth in both new and existing markets.