Ollie's Bargain Outlet Analysts Boost Their Forecasts After Upbeat Earnings

Ollie's Bargain Outlet Holdings Inc OLLI reported better-than-expected second-quarter financial results and raised FY23 adjusted guidance.

Ollie's Bargain Outlet reported sales growth of 13.7% Y/Y to $514.5 million, beating the consensus of $499.0 million. Adjusted EPS of $0.67 beat the analyst consensus of $0.61.

For FY23, Ollie's increased its net sales outlook to $2.076 billion - $2.091 billion from $2.052 billion-$2.067 billion vs. the consensus of $2.06 billion. The company raised its FY23 Adjusted EPS outlook to $2.65 - $2.74 from $2.56-$2.65 versus the consensus of $2.62.

Ollie's Bargain Outlet shares rose 2.2% to close at $16.63 on Thursday and added 3.8% in today’s pre-market trading session.

These analysts made changes to their price targets on Ollie's Bargain Outlet following earnings announcement.

• Keybanc increased the price target on Ollie's Bargain Outlet from $79 to $93. Keybanc analyst Bradley Thomas maintained an Overweight rating.
• Goldman Sachs boosted the price target on Ollie's Bargain Outlet from $68 to $75. Goldman Sachs analyst Kate McShane maintained a Neutral rating.

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