Ollie's Bargain Outlet (OLLI) PT Raised to $109 at Truist Securities

Truist Securities analyst Scot Ciccarelli raised the price target on Ollie's Bargain Outlet (NASDAQ: OLLI) to $109.00 (from $102.00) while maintaining a Buy rating.

The analyst commented: "We believe that Ollie’s has some of the strongest momentum in our universe, given that its “deal flow” is as strong as ever, and the company is increasingly using its growing scale/widening size gap vs. competitors to push into ever-larger deals. Further, its “extreme value” offering (typically 20%-70% less than more mainstream competitors) is proving to be particularly compelling to today’s inflation-weary consumers. In addition, we think that the company has been investing in their stores and supply chain to enable it to grow its unit base faster than it historically has and reach/maintain a ~10% growth pace for the foreseeable future. Due to Ollie’s unit growth/expansion potential and deep value offerings, which are strongly resonating with today’s consumer, we remain buyers of OLLI. Our PT goes to $109 from $102."

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