Ollie’s Bargain Outlet price target raised to $130 from $107 at Craig-Hallum

Craig-Hallum analyst Jeremy Hamblin raised the firm’s price target on Ollie’s Bargain Outlet (OLLI) to $130 from $107 and keeps a Buy rating on the shares. The firm notes Ollie’s delivered mixed Q3 results that saw slight misses on sales and same-store sales coupled with a slight EPS beat and implied Q4 guidance unchanged. Buyside expectations on comp trends were low ahead of the print and Craig-Hallum believes the Street is pleased to see Q4 remains on track. More importantly, investors are buying the stock as the growth algorithm is ticking higher with real estate opportunities plentiful and a more aggressive posture from management to acquire leases from bankrupt retailers.