Piper Jaffray analyst, Peter J. Keith, reiterated his Overweight weighting on shares of Ollie's Bargain Outlet (NASDAQ: OLLI) and raised his price target to $103 from $99 after the company announced a comp of +4.4% which was well above sell-side expectations,
though likely only slightly above buy-side considering the +27% run in the stock over the past month. This is especially impressive considering that Q2 was the toughest compare of the year, against 8.0% comp on 2-year stack,

The analyst stated "commentary about continued momentum suggests a solid set-up for 2H. Indeed, mgmt. is excited about the Toys 'R' Us closeout. Of note, the implied (and raised) 2H comp guide of 2%-3% is the first time as a public company OLLI has guided any quarter >2%. While we are cognizant that valuation is at all-time highs at 44x 2019 EPS consensus, we still recommend shares as we see potential for upside to 2018 guidance and 2019 estimates, which should bode well for shares".

For an analyst ratings summary and ratings history on Ollie's Bargain Outlet click here. For more ratings news on Ollie's Bargain Outlet click here.

Shares of Ollie's Bargain Outlet closed at $88.50 yesterday.