Ollie’s Bargain Outlet price target raised to $121 from $109 at Truist

Truist analyst Scot Ciccarelli raised the firm’s price target on Ollie’s Bargain Outlet (OLLI) to $121 from $109 and keeps a Buy rating on the shares. The company’s Q3 results were solid “despite several headwinds” from the flyer shift, competitor closures, and hurricanes, the analyst tells investors in a research note. The firm says Ollie’s gross margins ticked back above the 40% range, which should alleviate investor concerns coming out of the Q2 report. While competitor store closures will likely remain a near-term headwind in Q4, the orphaning of sales should create long-term opportunities and Ollie’s continues to aggressively acquire locations out of bankruptcy, contends Truist. It remains a buyer of the stock.