Citi analyst Steven Zaccone lowered his price target on Ollie's Bargain Outlet (NASDAQ: OLLI) to $98 from $100, while maintaining a Buy rating on the stock.

Zaccone cited mixed second-quarter results, noting that the company's earnings power remains largely intact, with fiscal year 2026 EPS excluding a roughly $0.17 net tariff refund and price investment impact estimated at approximately $4.44, only slightly below the prior guidance midpoint of $4.50.

The analyst noted that same-store sales trends remain weak, with macro and competitive pressure having a greater-than-anticipated impact on the business. He added that improved execution in the second half of the fiscal year is needed to restore investor confidence that the weakness is temporary.

Zaccone's fiscal year 2027 EPS estimate was described as little changed. He noted that the stock's valuation is low relative to its historical range following a guidance reset.