Piper Jaffray Remains Bullish on Ollie's Bargain Outlet (OLLI) Ahead of 2Q Report
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Piper Jaffray reiterated an Overweight rating and $28.00 price target on Ollie's Bargain Outlet (NASDAQ: OLLI) ahead of the company's 2Q earnings report. Piper is expecting the company to report EPS of $0.18, in-line with the consensus estimates. Piper is also anticipating total operating expenses of 29.1% due to the lower comp.
Analyst Peter Keith commented, "We are maintaining our OW rating but have a neutral view on OLLI shares heading into Wednesday's Q2 earnings print. While our estimate and consensus for Q2 comp are at +1% (in-line with guidance), we believe shares would trade off with a comp of <2%. Certainly, OLLI is not impacted by some of the issues that caused sales results to slow in other parts of discount retail for Q2, but we have yet to see a company bounce-back meaningfully from a slow May this earnings season. We expect the washer/dryer combo closeout drove a comp benefit of 25 bps in Q2. Finally, we believe a sell-off in shares with a comp of <2% for Q2 would be short-lived as investor interest remains strong for one of the better long-term growth stories in our coverage universe."
Shares of Ollie's Bargain Outlet closed at $26.42 yesterday.
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