** Shares of discount store Ollie's Bargain Outlet Holdings OLLI.O down about 5% at $64.71 premarket

** Brokerage J.P. Morgan downgrades stock to "neutral" from "overweight", cuts PT to $70 from $152

** Brokerage expects Q2 same-store sales miss and cuts its second-half sales outlook, citing underlying negative mid-single-digit comparable sales despite elevated promotional activity.

** Says unseasonable weather put pressure on a few key categories such as lawn and patio furniture, while surging fuel prices negatively impacted customer traffic

** As of last close, stock down ~38% YTD