Ollie's Bargain Outlet (OLLI) PT Raised to $89 at JPMorgan

JPMorgan analyst Matthew Boss raised the price target on Ollie's Bargain Outlet (NASDAQ: OLLI) to $89.00 (from $85.00) while maintaining a Neutral rating.

The analyst comments "On new store openings, the FY24 guide remains unchanged despite acquiring eleven stores in the 99 Cents Only bankruptcy, noting that some of the acquired stores will push a handful of the originally planned openings from 2024 into early 2025 (given it will start to incur occupancy costs on NDN stores at closing). Looking ahead, mgmt expects that the next 18 months will result in higher openings than initially planned (w/ 2025 openings 1H loaded) translating to FY25 unit growth of 10%+ by our estimate supporting a key take from our mid-April Boston roadshow being mgmt’s intention to report the model to double-digit unit growth multi-year."

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