UBS raised the firm’s price target on Ollie’s Bargain Outlet (OLLI) to $117 from $99 and keeps a Neutral rating on the shares. Ollie’s did a good job topping modest expectations in Q3, and while its same-store sales declined by -0.5%, its gross margin expansion was solid, the analyst tells investors in a research note. Ollie’s remains well-positioned to capitalize on disruption in the closeout retail space and should continue to benefit from consumers gravitating to value and from taking more market share in a bumpy macro, UBS says.
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