Ollie's Bargain Outlet (OLLI) PT Raised to $105 at Craig-Hallum

Craig-Hallum analyst Jeremy Hamblin raised the price target on Ollie's Bargain Outlet (NASDAQ: OLLI) to $105.00 (from $100.00) while maintaining a Buy rating.

The analyst commented: "Ollie’s delivered another strong print in Q1 with upside on sales, comps and EPS. FY24 sales and EPS guidance was raised as momentum has continued into Q2 despite the company lapping incredibly tough compares. The company announced that current COO, Erik van der Valk, is being promoted to President and will become CEO in early 2025 and we believe investors will have confidence in his leadership given his strong track record over the past three years with OLLI. There are some notable dynamics that we believe will lead OLLI to sustained success over the coming years. First, the closeout market continues to expand as CPG and consumer companies adjust sizes and packaging while the number of closeout competitors has shrunk, with companies like 99 Cents Only stores filing for bankruptcy and leaving OLLI as the dominant closeout player. Secondly, OLLI has gained an inflow of younger and more affluent customers along with retaining a higher portion of new customers as consumers trade down to stretch budgets. We believe these dynamics pave a runway for sustained growth and high visibility on margins as OLLI plans to double its store base over the next decade. We reiterate our Buy rating and raise our Price Target to $105."

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