Dollar Tree (DLTR) PT Raised to $117 at Buckingham Research Post Q3
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Buckingham Research analyst John Zolidis reiterated a Buy rating and raised his price target on Dollar Tree (NASDAQ: DLTR) to $117.00 (from $106.00) following Q3 results. The new price target suggests 30% upside from current levels.
Zolidis commented, "Core Dollar Tree continues to perform well, reporting gross margin gains, traffic increases and same-store sales growth. This remains a viable growth vehicle. Meanwhile, the acquired Family Dollar business reported sequentially improving trends in 3QFY16 from 2QFY16 with an inflection to positive comps in early 4QFY16. The company reiterated its long-term synergy targets (of $300M+). We believe comps at FDO will continue to accelerate and overall EBIT will expand as 1x costs related to the integration fall off. We are buyers of the shares."
The firm revised FY16 and FY17 SSS forecasts are 1.7% and 2.3%, up from 1.5% and 2.0%. FY16 EPS goes to $3.75 (ex-items) from $3.71. Revised FY17 EPS is $4.42 from $4.43.
Shares of Dollar Tree closed at $81.99 yesterday.
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