Dollar Tree's stock price increased almost +2% Tuesday, following a rating upgrade by J.P. Morgan.
J.P. Morgan analysts raised their rating on the discount variety store chain’s stock to overweight from neutral. The investment bank set a $122 per share price target on the shares, representing a 17.5% upside from the stock's closing price on Monday.
The bank’s analysts project high-single net income growth and low-double-digit consolidated EPS growth beyond FY19 for Dollar Tree. JP Morgan also expects the retail company to generate more than a billion dollars in free cash flow by fiscal 2020