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Piper Jaffray Reiterates an 'Overweight' on Dollar Tree Stores (DLTR)

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November 25, 2009 7:13 AM EST

Piper Jaffray & Co. reiterates an 'Overweigh't on Dollar Tree Stores (Nasdaq: DLTR), price target increased from $57 to $60.

Piper analyst says, "We are increasing our Q4 EPS estimate from $1.30 to $1.38 assuming a +4% comp, and our F09 EPS estimate to $3.43, which is based on a 4% comp and 130bps of op margin expansion. Our F10 EPS estimate is raised from $3.71 to 3.82. We continue to model a +1.9% comp vs. +6.5% in F09 but are now assuming a -2% comp in Q1 F10 due to a difficult comp of +9.2%. We believe DLTR's momentum in traffic will continue into F10 given our > confidence in our +1.9% comp estimate. We are modeling 25bps of op margin > expansion will come from better initial markup and continued tight expense control. At this point, we are not modeling in any buyback into our estimates. We believe further upside could come from our estimates as we project DLTR will end F09 with $586M in cash or $6.50/share."

To see all the upgrades/downgrades on shares of DLTR, visit our Analyst Ratings page.