KeyBanc maintains $93 stock target on Ollie’s following Q4 results
OLLI
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On Wednesday, an analyst from KeyBanc reiterated an Overweight rating on shares of Ollie’s Bargain Outlet (NASDAQ:OLLI) with a steady stock price target of $93.00. The affirmation follows the retailer’s fourth-quarter results, which came in above expectations, driven by stronger-than-anticipated comparable store sales (comps) and gross margin expansion.
Comps saw a 3.9% increase, surpassing estimates and aligning with Key First Look Data, suggesting a potential outperformance relative to market expectations.
The company also revealed findings from a recent real-estate study, which suggests Ollie’s Bargain Outlet could potentially expand its nationwide store count to as many as 1,300 locations. This figure is a significant increase from the previous estimate of 1,050 stores and more than double the 512 stores Ollie’s operated at the end of 2023.
Ollie’s provided formal guidance for the year 2024, which is largely in line with previous commentary provided by the company. Still, this guidance is slightly below Wall Street’s expectations for both sales and earnings per share (EPS). The company’s forward-looking statements are based on current market conditions and business strategies.
The analyst’s commentary highlighted the positive results from the fourth quarter and the company’s ability to meet and exceed certain financial metrics. The expansion potential indicated by the real-estate study reflects the company’s growth prospects and the analyst’s confidence in Ollie’s ability to increase its store footprint significantly.
Investors and market watchers will likely keep an eye on Ollie’s Bargain Outlet’s performance as it seeks to capitalize on its expansion opportunities and navigate the forecasted financial landscape for 2024. The company’s stock performance and ability to meet its targets will be of interest as it continues to execute its strategic plans.
