Dollar Tree price target raised to $79 from $71 at Bernstein

Bernstein raised the firm’s price target on Dollar Tree (DLTR) to $79 from $71 and keeps a Market Perform rating on the shares. The firm notes Dollar Tree’s Q3 top line results were stronger than expected, with ticket growth turning positive for both banners. Margins also beat, but increased SG&A at Dollar Tree banner dampened the bottom-line effect. With the FDO overhang, coupled with management changes and seemingly diminishing returns on multi-price rollout, Bernstein remains on the sidelines.