Ollie’s Bargain Outlet price target raised to $58 from $42 at Loop Capital

Loop Capital analyst Anthony Chukumba raised the firm’s price target on Ollie’s Bargain Outlet to $58 from $42 but keeps a Hold rating on the shares after its Q4 results. The company finished a difficult FY22 on a high note with sequential comparable store sales improvement, gross and operating margin expansion, and a modest earnings beat, the analyst tells investors in a research note. The firm is raising its price target on a "more optimistic near-term outlook", even though it continues to have long-term concerns about Ollie’s business model because of its "reliance on opportunistic purchases".