Dollar Tree price target raised to $103 from $100 at Bernstein

Bernstein analyst Zhihan Ma raised the firm’s price target on Dollar Tree (DLTR) to $103 from $100 and keeps a Market Perform rating on the shares following its Investor Day in New York with an updated business strategy and long-term algorithm. Compared to its guidance at the 2023 Investor Day, Dollar Tree has toned down on comp expectations. Bernstein doesn’t think the 3%-4% is an overly aggressive target. However, the firm says it errs on the side of caution in light of the recent deceleration in comparable sales. When macro tailwinds start to dissipate next year, the firm expects Dollar Treeto face tough laps and generate below trend comp of 2.3%, before rebounding to the 3% level.