Ollie’s Bargain Outlet price target raised to $120 from $110 at Loop Capital

Loop Capital raised the firm’s price target on Ollie’s Bargain Outlet (OLLI) to $120 from $110 and keeps a Buy rating on the shares. The firm was “encouraged ” by the company’s Q3 results given the myriad headwinds that it faced, including an advertising flyer shift, mass Big Lots store closings, disruptive weather events, and unseasonably warm weather, the analyst tells investors in a research note. Loop contends that the near-term hit from Big Lots store closings will be “made up many times over” by longer-term benefits for Ollie’s, which include market share gain opportunities, attractive potential store locations, and increased vendor relevance.