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Wedbush Morgan Upgrades Dollar Tree to Buy'


Wedbush Morgan upgraded Dollar Tree (DLTR) to buy from hold.

Analyst David Yamamoto says the first-quarter earnings per share surpassed his and the consensus estimate of 27 cents on better-than-expected sales results. Yamamoto says strong sales in May suggest good momentum going into the second quarter, and provide additional comfort with the second-quarter outlook. Providing further lift to his outlook is Dollar Tree's pending acquisition of Greenbacks; he notes the company expects the purchase to be accretive to earnings per share by two cents to three cents this year, and by at least seven cents next year.

Excluding Greenbacks, Yamamoto raised the $1.48 fiscal 2004 (Jan.) earnings per share estimate to $1.50 on $2.779 billion revenue, and upped the $1.70 fiscal 2005 earnings per share estimate to $1.72 on $3.259 billion revenue. He also set a $35 12-month target.


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