Ollie's Bargain Outlet (OLLI) PT Raised to $102 at BofA Securities

BofA Securities analyst Leanie Nunez raised the price target on Ollie's Bargain Outlet (NASDAQ: OLLI) to $102.00 (from $92.00) while maintaining a Buy rating.

The analyst comments "We reiterate our Buy rating following a strong quarter as OLLI’s value proposition is resonating with stretched consumers. OLLI reported 1Q EPS of 73c, beating our/VA consensus of 65c on better sales and gross margin (GM). Comps increased 3% (guided slightly above 2%). Mgmt increased F24 comp guide to 1.5-2.3% (vs 1-2% prior) and EPS guidance by 2.5% to $3.18-3.28 to reflect the beat. QTD is running ahead of 2Q guidance of 1.5%, but mgmt noted July is the toughest y/y compare (mid-teens comp last year). We are raising our F24/F25 EPS by 2%/3% to $3.28/$3.67 to reflect the beat. We are raising our PO to $102, 28x F25 EPS (vs $92, 26x prior) on peer multiple expansion. The company announced current COO Eric van der Valk will be promoted to CEO in early 2025 as CEO John Swygert transitions to Executive Chairman."

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