As previously reported, Loop Capital analyst Anthony Chukumba downgraded Ollie’s Bargain Outlet (OLLI) to Hold from Buy with a $130 price target The firm notes that its downgrade is based on the stock’s current valuation rather than its more bearish view as it continues to believe that Ollie’s is well positioned to outperform for the foreseeable future, the analyst tells investors in a research note. Loop adds however that the spate of retailer bankruptcies and mass store closings over the past few years is priced into the stock at current levels.
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