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Wells Fargo analyst Edward Kelly raised the firm's price target on Ollie's Bargain Outlet to $70 from $65 and keeps an Overweight rating on the shares after hosting management meetings and coming away incrementally upbeat on the brewing closeout opportunity and outlook from here. Management struck a particularly bullish tone in his calls and is clearly very optimistic about improving deal flow, benefit from trade down, stronger inventory positioning, and improved visibility around supply chain costs, Kelly adds. The company sounded confident on a trajectory to more normalized gross margin 2023, which should support much stronger flow through on what they expect to be a robust top-line environment, the analyst contends.

Citi analyst Paul Lejuez raised the firm's price target on Ollie's Bargain Outlet to $55 from $43 and keeps a Neutral rating on the shares post the Q1 results. The analyst believes the positive closeout supply environment works in the company's favor but is cautious on its execution.

Truist analyst Scot Ciccarelli raised the firm's price target on Ollie's Bargain Outlet to $40 from $38 and keeps a Hold rating on the shares. The company's Q1 results were below expectations and its management cut guidance, but the operating environment for Ollie's looks to be improving as consumers begin to trade-down and deal flow starts to pick-up, the analyst tells investors in a research note. Ciccarelli adds that he remains bullish on the company's long-term growth potential as the operating environment shows signs of improvement.