RBC Capital analyst Scot Ciccarelli raised the price target on Dollar Tree (NASDAQ: DLTR) to $106.00 (from $90.00) while maintaining a Outperform rating.

The analyst commented, "We believe that Covid-19, which helped Family Dollar’s comp accelerate to +15.5%, could very well be the catalyst needed to re- energize that entity, especially if it can retain most of its new customers. Dollar Tree’s higher margin discretionary sales were negatively impacted (~490bps) but have since rebounded. We believe both banners are well positioned to capitalize on the likely economic aftermath of Covid-19. Remain buyers of DLTR."