Goldman Sachs analyst Kate McShane upgraded Dollar Tree to Buy from Neutral with a price target of $137, down from $150. The analyst sees strong earnings growth potential supported by continued market share gains from improving traffic trends with “sticky” new customers, an improving discretionary cash flow outlook for lower and middle income consumers in 2024, and better shopability after recent investments. In addition, Dollar Tree’s lower freight costs should start to become a meaningful tailwind in the second half of 2023, the analyst tells investors in a research note.
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