Fly News Breaks for February 12, 2020
Feb 12, 2020 | 06:17 EDT
Piper Sandler analyst Peter Keith believes the 22% selloff year-to-date in shares of Ollie's Bargain Outlet fully bakes in a weak Q4 comp due to "transitory headwinds." Further, the analyst sees minimal risk to gross margin in Q4. With short interest now elevated, Keith expects the company's comp trends to improve in the coming months with normalized weather and easy compares. He currently sees no risk to Ollie's getting back to its long-term earnings growth algorithm of 20% starting in Q2. All in, the current pullback represents an attractive entry point, Keith tells investors in a research note titled "Everyone Knows Q4 Was Weak, So It's Likely Time To Buy." He keeps an Overweight on the shares and lowered his price target to $83 from $86.
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