Truist raised the firm’s price target on Ollie’s Bargain Outlet (OLLI) to $121 from $109 and keeps a Buy rating on the shares. The company’s Q3 results were solid, despite several headwinds, while the management has reiterated its FY24 guide, the analyst tells investors in a research note. Gross margins at Ollie’s also ticked back above the 40% range, which should alleviate investor concerns from Q2, and while competitor store closures will likely remain a near-term headwind in Q4, the orphaning of sales should create long-term sales and share opportunity, Truist added.
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