Jefferies has upgraded Ollie's Bargain Outlet to buy from hold and has raised its price target to $130 from $120, indicating about 42% of potential upside. The firm believes that the market isn't fully appreciating the value of the discount retailer's ability to buy cheap excess inventory at scale. Despite trading at a lower valuation than Five Below and having more stores and national reach than other competitors, OLLI's shares have de-evaluated on peak-margin concerns, freight uncertainty, and comp durability. The company's shares rose more than 3% in afternoon trading.