BUZZ-Ollie's down after Wells Fargo cuts to 'equal weight', lowers PT

Reuters
2024-12-03

** Discount retailer Ollie's Bargain Outlet's shares fall nearly 4% to $95.77 after brokerage Wells Fargo downgrades stock to "equal weight" from "overweight"

** Wells Fargo also cuts PT to $95 from $100 citing uncertainty in business and expansion concerns

** "Short term, we see Q4 uncertainty given the holiday calendar and BIG stores liquidations," says Wells Fargo analyst Edward Kelly

** Brokerage says gross margin upside seems limited

** Says the best time to own OLLI may have passed and that the path forward seems "tricky"

** Eleven of 15 brokerages rate the stock "buy" or higher, three "hold" and one "sell" or lower; with a median PT of $107

** Stock up 32% YTD as of last close

(Reporting by Aamir Sohail in Bengaluru)

((Aamir.Sohail@thomsonreuters.com;))

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