UBS Cuts Price Target on Dollar Tree (DLTR) to $100; Reiterates Buy
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UBS maintained a Buy rating on Dollar Tree (NASDAQ: DLTR), and cut the price target to $100.00 (from $108.00), following the company's 2Q earnings report.
Analyst Michael Lasser commented, "It’s easy to take the view that WMT is becoming trouble for the dollar stores. After all, DG, FDO, & TGT all saw a deceleration in comps & traffic from 1Q to 2Q at the same time WMT saw an improvement in these metrics. However, we don’t think the explanation is that simple. Many other retailers saw the same step-back during 2Q including LOW, TSCO, AAP, ORLY, & WSM. Yet, none of these retailers would really be considered in WMT’s crosshairs. The reality is the retail environment isn’t easy. Overall traffic is in decline & the slightest external factor can disrupt trends. So, we think it’s important to keep DLTR’s performance in perspective in 2Q. While the market seems to be defaulting to the explanation it’s over for the dollar stores, we think the excessive response creates an opportunity to accumulate a compelling LT story at a more attractive valuation."
Shares of Dollar Tree closed at $85.50 yesterday.
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