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Fly News Breaks for August 29, 2019
OLLI
Aug 29, 2019 | 06:22 EDT
Citi analyst Paul Lejuez lowered his price target for Ollie's Bargain Outlet to $65 from $95 saying the company reported a "bad quarter." The company's infrastructure was overburdened by the 29 new stores opened in the first half of 2019, which led to under-inventoried stores, Lejuez tells investors in a research note. The disruptions in Q2 may be a sign that Ollie's is under-invested in its supply chain, which could weigh on future growth, adds the analyst. He keeps a Neutral rating on the shares.
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