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Fly News Breaks for March 4, 2020
Mar 4, 2020 | 08:38 EDT
Roth Capital analyst Jeremy Hamblin downgraded Ollie's Bargain Outlet to Neutral from Buy, with a $59 price target. Uncertainty and risk factors have increased for Ollie's over the past couple of months which have shifted the risk/reward in the stock to a more balanced position that will likely keep it range bound for the time being, the analyst argues. He cites risk factors such as store checks in 2020 that have been lackluster with no identifiable sales catalyst and inventories appearing low that may indicate supply chain issues from 2019 are not fully resolved; increased clearance selling in Toys and Winter seasonal goods; continued turnover at C-Level positions; and the coronavirus outbreak, which creates supply chain uncertainty for the company that Hamblin fears could not only impact the first half of 2020 but potentially impact Holiday 2020 inventory.
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