Goldman Sachs upgraded Ollie’s Bargain Outlet to Buy from Neutral with a price target of $83, up from $75. The analyst expects tailwinds for the company from the favorable closeout environment to remain in the near term. Ollie’s growing scale drives a “virtuous cycle” of improved procurement opportunities and sales growth, and its margins are set to return to the targeted 40% range, the analyst tells investors in a research note. The firm also notes that relative to other high-growth specialty retail names, the stock’s valuation still remains attractive despite returning 58% year to date.
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