Ollie's Bargain Outlet (OLLI) PT, Est. Lifted at Jefferies Following 'Beat and Raise'
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Jefferies analyst Daniel Binder reiterated a Buy rating and bumped his price target on Ollie's Bargain Outlet (NASDAQ: OLLI) to $31.00 (from $30.00) following Q2 'beat and raise'. The analyst notes solid execution.
Binder commented, "Another quarter from OLLI showed comp sales and EPS ahead of plan and Street expectations. Guidance for FY17 incorporated Q2 upside without changing assumptions for 2H. Momentum reflects a favorable buying environment, better access to deals and more direct relationships. Meanwhile, Ollie’s Army is growing faster than expected and with deepening customer relationships. We expect shares to move higher as estimates get revised upward."
FY 2016 EPS was lifted from $0.87 to $0.90 and FY 2017 EPS from $1.00 to $1.02.
Shares of Ollie's Bargain Outlet closed at $25.42 yesterday.
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