Loop Capital upgraded Ollie’s Bargain Outlet to Buy from Hold with a price target of $90, up from $80, implying 26% upside from current levels. The firm is becoming increasingly confident in Ollie’s ability to “comp the comp” in fiscal 2024 against a difficult comparison given the “still highly uncertain” U.S. macroeconomic environment. The analyst says the closeout market is growing and the company has burgeoning direct manufacturing relationships.
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