Dollar Tree price target raised to $72 from $67 at Piper Sandler

Piper Sandler raised the firm’s price target on Dollar Tree (DLTR) to $72 from $67 and keeps a Neutral rating on the shares. The firm notes the company reported an overall solid Q3 print, with an Enterprise comp beat driven by FDO and traffic over ticket. FY24 guidance was raised slightly at the midpoint for both topline and EPS, and seems to bake in a sequential comp slowdown in Q4 — due to a later and shorter holiday shopping season. While Piper can appreciate conservative guidance, the firm believes comp growth at the core-Dollar Tree banner should be showing steady acceleration with continued multi-price roll-out.