Keep an eye on Dollar Tree (DLTR), we said on Oct. 17.
Oversold, it’s just starting to come back strong. It’s also reversing from over-extensions on RSI, MACD, and Williams’ %R. From a current price of $110.10, we’d like to see it initially test $115 again soon. Helping, Goldman Sachs just upgraded DLTR to a buy rating from neutral. The firm sees strong earnings growth and likes its earnings potential.
A month later, DLTR is up to $118.72 – and could see higher highs.
Helping, Goldman Sachs upgraded DLTR to a buy, with a $137 price target. Analysts said they “see strong earnings growth potential for the discounter 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 shop-ability/in-stocks after recent investments,” as noted by Seeking Alpha.