Dollar Tree Option Alert: Oct 17 $100 Puts at the Bid: 750 vs 857 OI

Dollar Tree Option Alert: Oct 17 $100 Puts at the Bid: 750 @ $7.3 vs 857 OI; Ref=$100.905

Dollar Tree Option Alert: Jul 3 $98 Puts at the Bid: 2500 vs 2023 OI

Dollar Tree Option Alert: Jul 3 $98 Puts at the Bid: 2500 @ $2.37 vs 2023 OI; Ref=$98.06

Dollar Tree Option Alert: Nov 21 $100 Calls at the Bid: 700 vs 297 OI

Dollar Tree Option Alert: Nov 21 $100 Calls at the Bid: 700 @ $9.2 vs 297 OI; Ref=$97.54

Dollar Tree (NASDAQ:DLTR) Bolsa

DOLLAR TREE INC

Dollar Tree

Dollar Tree operates discount stores across the United States and Canada, with over 8,800 shops under its namesake banner. About 50% of Dollar Tree's sales in fiscal 2024 were consumables (including food, health and beauty, and cleaning products), around 45% variety items (including toys and homewares), and 5% seasonal items. Dollar Tree sells most of its merchandise at the $1.25 price point and positions its stores in well-populated suburban markets. The retailer has agreed to sell Family Dollar (with about 7,000 stores) to private equity investors for $1 billion.

Fear and Greed

Markets

AVGO

CIEN

DLTR

YEXT

El índice Fear &amp; Greed cae a &#34;Neutral&#34; tras baja del Dow Jones y datos débiles. Yext sube con fuerza, Dollar Tree se desploma.

El índice Fear &amp; Greed cae a zona neutral mientras el mercado cierra mixto

Earnings

Equities

CRWD

Aquí tienes cinco acciones estadounidenses que podrían llamar la atención de los inversores este miércoles: DLTR, CRWD, THO, HPE y PVH.

5 acciones en el foco este miércoles: DLTR, CRWD, THO, HPE y PVH

Dollar Tree Finally Dumps Family Dollar

News

Citi mejora la calificación de Dollar Tree tras los aranceles de Trump: descubre por qué podrían aumentar precios y superar expectativas.

Acciones de Dollar Tree (DLTR) tienen potencial alcista del 41% según análisis de Citi

Dollar Tree Inc

Once a symbol of financial catastrophe, subprime consumers are now showing signs of resilience and spending power that defy economic uncertainties, according to Goldman Sachs, with the bank highlighting several investment opportunities tied to <a href="https://www.benzinga.com/analyst-ratings/analyst-color">the lower-income group. </a>
In a note issued Wednesday, Goldman Sachs analysts led by George K. Tong said U.S. subprime consumers—typically defined as individuals with credit scores below 660—are holding up better than expected despite economic headwinds such as tariffs, inflation and high interest rates.
<h3 class="wp-block-heading">US Subprime Consumers Are Stronger Than You Think</h3>
"Our call is that subprime consumers are, and will remain, resilient, with positive spending growth and improving delinquency trends despite economic uncertainty," Tong said.
Consumer wealth in the bottom income quintile rose 7% year-over-year through May 2025. The labor market remains reasonably healthy, with unemployment at 4.2% in May, while debt service payments as a share of disposable income came in at 11.3%, below the 45-year average of 11.9%.
Household debt stood at 61% of nominal GDP in 2024, the lowest level since late 1999 and significantly under the 20-year average of 70%, suggesting consumers remain financially unburdened.
Goldman said subprime borrowers are actively adjusting their financial behavior by shifting away from discretionary and high-cost items, instead prioritizing essential purchases such as groceries, household goods and lower-cost alternatives. 
This disciplined approach to spending reflects a prudent response to economic uncertainty—not distress.
<h3 class="wp-block-heading">Subprime Credit Metrics Show Positive Signs</h3>
Recent data shows a broad improvement in credit health across cards, auto loans and personal loans, suggesting that subprime consumers are stabilizing their financial positions. 
Thirty-plus day card delinquencies among lower-income borrowers fell 0.23% year-over-year in the first quarter of 2025 to 4.5%, marking a key reversal after a prolonged period of rising late payments. 
Deep subprime 60-plus day card delinquencies declined to 25.46% in May 2025, down from 27.42% a year earlier, the first sustained drop since late 2022.
In the auto segment, 60-plus day delinquencies among deep subprime borrowers slipped to 7.75% in May, now falling below the five-year average of 7.80%. This marks a turning point after nearly two years of worsening trends. 
Similarly, deep subprime personal loan delinquencies fell from 15.27% to 14.25% in May, extending the string of year-over-year improvements that began in mid-2024. 
Mortgages remain the only category showing slight deterioration, with deep subprime 90-plus day delinquencies rising to 12.92% in May, up from 11.59% a year ago, slightly above the five-year average of 12.88%. 
Yet, the investment bank notes that overall mortgage delinquency remains exceptionally low at just 0.7% of outstanding balances, reflecting the relative health of the broader housing market.
<h3 class="wp-block-heading">Subprime Crisis? Not This Time – 8 Stocks To Watch</h3>
Goldman Sachs recommends eight stocks across various sectors that are well-positioned to benefit from this subprime resurgence:
<ol class="wp-block-list">
<li>Fair Isaac Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FICO#NASDAQ">FICO</a>) – Buy-rated, $2,244 price target With improving delinquency trends, FICO could see a pickup in credit originations and score inquiries.</li>
<li>Dollar Tree Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DLTR#NASDAQ">DLTR</a>) – Buy-rated, $94 PT Budget-focused consumers are helping drive growth, especially as DLTR boosts operational efficiency.</li>
<li>Philip Morris International Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PM#NYSE">PM</a>) – Buy-rated, $190 PT Steady demand for non-discretionary tobacco and ZYN products fuels growth, even in low-income segments.</li>
<li>Monster Beverage Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MNST#NASDAQ">MNST</a>) – Buy-rated, $72 PT Energy drinks remain an affordable indulgence for subprime consumers, supporting revenue and margin expansion.</li>
<li>Affirm Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AFRM#NASDAQ">AFRM</a>) – Buy-rated, $58 PT As a leading Buy Now, Pay Later provider, AFRM is gaining from better credit and growing demand.</li>
<li>Block Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SQ#NYSE">SQ</a>) – Buy-rated, $57 PT Block's Cash App and lending business is rebounding, supported by subprime borrower stability.</li>
<li>Capital One Financial Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COF#NYSE">COF</a>) – Buy-rated, $242 PT Credit card and auto segments are seeing improving delinquency trends and potential reserve releases.</li>
<li>Synchrony Financial (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SYF#NYSE">SYF</a>) – Buy-rated, $70 PT With 28% of loans to subprime consumers, SYF is poised to benefit from improving net charge-off and delinquency data.</li>
</ol>
Read now:
<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/markets/tech/25/06/46096528/nasdaq-100-record-highs-rally-historical-performance">Nasdaq 100 Hits Record Highs After 30% Rally: History Suggests It&#8217;s Not Done Yet</a></li>
</ul>
Photo: Shutterstock

Analyst Color

Large Cap

Mid Cap

Econ #s

Economics

Analyst Ratings

AFRM

FICO

MNST

Subprime Was A Trainwreck In 2008―Now It's A Sweet Spot, Says Goldman Sachs

Providing a diverse range of perspectives from bullish to bearish, 25 analysts have published ratings on Dollar Tree (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DLTR#NASDAQ">DLTR</a>) in the last three months.
The table below summarizes their recent ratings, showcasing the evolving sentiments within the past 30 days and comparing them to the preceding months.
<table>
<thead>
<tr>
<th></th>
<th align="right">Bullish</th>
<th align="right">Somewhat Bullish</th>
<th align="right">Indifferent</th>
<th align="right">Somewhat Bearish</th>
<th align="right">Bearish</th>
</tr>
</thead>
<tbody>
<tr>
<td>Total Ratings</td>
<td align="right">9</td>
<td align="right">3</td>
<td align="right">12</td>
<td align="right">1</td>
<td align="right">0</td>
</tr>
<tr>
<td>Last 30D</td>
<td align="right">0</td>
<td align="right">0</td>
<td align="right">1</td>
<td align="right">0</td>
<td align="right">0</td>
</tr>
<tr>
<td>1M Ago</td>
<td align="right">4</td>
<td align="right">2</td>
<td align="right">7</td>
<td align="right">0</td>
<td align="right">0</td>
</tr>
<tr>
<td>2M Ago</td>
<td align="right">2</td>
<td align="right">0</td>
<td align="right">0</td>
<td align="right">0</td>
<td align="right">0</td>
</tr>
<tr>
<td>3M Ago</td>
<td align="right">3</td>
<td align="right">1</td>
<td align="right">4</td>
<td align="right">1</td>
<td align="right">0</td>
</tr>
</tbody>
</table>
Analysts' evaluations of 12-month price targets offer additional insights, showcasing an average target of $93.52, with a high estimate of $111.00 and a low estimate of $70.00. Witnessing a positive shift, the current average has risen by 8.95% from the previous average price target of $85.84.
<img src="https://www.benzinga.com/files/images/story/2025/1750791663_0.png" alt="price target chart" />
<h2>Deciphering Analyst Ratings: An In-Depth Analysis</h2>
A clear picture of Dollar Tree's perception among financial experts is painted with a thorough analysis of recent analyst actions. The summary below outlines key analysts, their recent evaluations, and adjustments to ratings and price targets.
<table>
<thead>
<tr>
<th>Analyst</th>
<th>Analyst Firm</th>
<th>Action Taken</th>
<th>Rating</th>
<th>Current Price Target</th>
<th>Prior Price Target</th>
</tr>
</thead>
<tbody>
<tr>
<td>Greg Melich</td>
<td>Evercore ISI Group</td>
<td>Raises</td>
<td>In-Line</td>
<td>$94.00</td>
<td>$92.00</td>
</tr>
<tr>
<td>Simeon Gutman</td>
<td>Morgan Stanley</td>
<td>Raises</td>
<td>Equal-Weight</td>
<td>$96.00</td>
<td>$80.00</td>
</tr>
<tr>
<td>Peter Keith</td>
<td>Piper Sandler</td>
<td>Raises</td>
<td>Neutral</td>
<td>$93.00</td>
<td>$72.00</td>
</tr>
<tr>
<td>Kelly Bania</td>
<td>BMO Capital</td>
<td>Raises</td>
<td>Market Perform</td>
<td>$85.00</td>
<td>$80.00</td>
</tr>
<tr>
<td>John Heinbockel</td>
<td>Guggenheim</td>
<td>Maintains</td>
<td>Buy</td>
<td>$100.00</td>
<td>$100.00</td>
</tr>
<tr>
<td>Scot Ciccarelli</td>
<td>Truist Securities</td>
<td>Raises</td>
<td>Buy</td>
<td>$109.00</td>
<td>$100.00</td>
</tr>
<tr>
<td>Greg Melich</td>
<td>Evercore ISI Group</td>
<td>Raises</td>
<td>In-Line</td>
<td>$92.00</td>
<td>$86.00</td>
</tr>
<tr>
<td>Matthew Boss</td>
<td>JP Morgan</td>
<td>Raises</td>
<td>Overweight</td>
<td>$111.00</td>
<td>$72.00</td>
</tr>
<tr>
<td>Joseph Feldman</td>
<td>Telsey Advisory Group</td>
<td>Raises</td>
<td>Market Perform</td>
<td>$100.00</td>
<td>$95.00</td>
</tr>
<tr>
<td>Joseph Feldman</td>
<td>Telsey Advisory Group</td>
<td>Maintains</td>
<td>Market Perform</td>
<td>$95.00</td>
<td>$95.00</td>
</tr>
<tr>
<td>Edward Kelly</td>
<td>Wells Fargo</td>
<td>Raises</td>
<td>Overweight</td>
<td>$105.00</td>
<td>$90.00</td>
</tr>
<tr>
<td>Scot Ciccarelli</td>
<td>Truist Securities</td>
<td>Raises</td>
<td>Buy</td>
<td>$100.00</td>
<td>$89.00</td>
</tr>
<tr>
<td>Michael Lasser</td>
<td>UBS</td>
<td>Raises</td>
<td>Buy</td>
<td>$108.00</td>
<td>$95.00</td>
</tr>
<tr>
<td>Joseph Feldman</td>
<td>Telsey Advisory Group</td>
<td>Raises</td>
<td>Market Perform</td>
<td>$95.00</td>
<td>$82.00</td>
</tr>
<tr>
<td>Scot Ciccarelli</td>
<td>Truist Securities</td>
<td>Raises</td>
<td>Buy</td>
<td>$89.00</td>
<td>$84.00</td>
</tr>
<tr>
<td>John Heinbockel</td>
<td>Guggenheim</td>
<td>Raises</td>
<td>Buy</td>
<td>$100.00</td>
<td>$95.00</td>
</tr>
<tr>
<td>Robert Ohmes</td>
<td>B of A Securities</td>
<td>Lowers</td>
<td>Underperform</td>
<td>$70.00</td>
<td>$75.00</td>
</tr>
<tr>
<td>Paul Lejuez</td>
<td>Citigroup</td>
<td>Raises</td>
<td>Buy</td>
<td>$103.00</td>
<td>$76.00</td>
</tr>
<tr>
<td>Edward Kelly</td>
<td>Wells Fargo</td>
<td>Raises</td>
<td>Overweight</td>
<td>$90.00</td>
<td>$85.00</td>
</tr>
<tr>
<td>Greg Melich</td>
<td>Evercore ISI Group</td>
<td>Lowers</td>
<td>In-Line</td>
<td>$79.00</td>
<td>$85.00</td>
</tr>
<tr>
<td>John Heinbockel</td>
<td>Guggenheim</td>
<td>Lowers</td>
<td>Buy</td>
<td>$95.00</td>
<td>$100.00</td>
</tr>
<tr>
<td>Matthew Boss</td>
<td>JP Morgan</td>
<td>Lowers</td>
<td>Neutral</td>
<td>$78.00</td>
<td>$88.00</td>
</tr>
<tr>
<td>Scot Ciccarelli</td>
<td>Truist Securities</td>
<td>Raises</td>
<td>Buy</td>
<td>$84.00</td>
<td>$76.00</td>
</tr>
<tr>
<td>Greg Melich</td>
<td>Evercore ISI Group</td>
<td>Raises</td>
<td>In-Line</td>
<td>$85.00</td>
<td>$79.00</td>
</tr>
<tr>
<td>Joseph Feldman</td>
<td>Telsey Advisory Group</td>
<td>Raises</td>
<td>Market Perform</td>
<td>$82.00</td>
<td>$75.00</td>
</tr>
</tbody>
</table>
<h3>Key Insights:</h3>
<ul>
<li>Action Taken: Responding to changing market dynamics and company performance, analysts update their recommendations. Whether they 'Maintain', 'Raise', or 'Lower' their stance, it signifies their response to recent developments related to Dollar Tree. This offers insight into analysts' perspectives on the current state of the company.</li>
<li>Rating: Analysts unravel qualitative evaluations for stocks, ranging from 'Outperform' to 'Underperform'. These ratings offer insights into expectations for the relative performance of Dollar Tree compared to the broader market.</li>
<li>Price Targets: Analysts provide insights into price targets, offering estimates for the future value of Dollar Tree's stock. This comparison reveals trends in analysts' expectations over time.</li>
</ul>
Navigating through these analyst evaluations alongside other financial indicators can contribute to a holistic understanding of Dollar Tree's market standing. Stay informed and make data-driven decisions with our Ratings Table.
<a href="https://www.benzinga.com/quote/DLTR/analyst-ratings?adType=benzinga-insights&amp;ad=analyst-ratings&amp;campaign=wallstreetadvantage">Stay up to date on Dollar Tree analyst ratings.</a>
<h2>Delving into Dollar Tree's Background</h2>
Dollar Tree operates discount stores across the United States and Canada, with over 8,800 shops under its namesake banner. About 50% of Dollar Tree's sales in fiscal 2024 were consumables (including food, health and beauty, and cleaning products), around 45% variety items (including toys and homewares), and 5% seasonal items. Dollar Tree sells most of its merchandise at the $1.25 price point and positions its stores in well-populated suburban markets. The retailer has agreed to sell Family Dollar (with about 7,000 stores) to private equity investors for $1 billion.
<h3>Key Indicators: Dollar Tree's Financial Health</h3>
Market Capitalization Perspectives: The company's market capitalization falls below industry averages, signaling a relatively smaller size compared to peers. This positioning may be influenced by factors such as perceived growth potential or operational scale.
Revenue Growth: Over the 3M period, Dollar Tree showcased positive performance, achieving a revenue growth rate of 11.29% as of 30 April, 2025. This reflects a substantial increase in the company's top-line earnings. In comparison to its industry peers, the company stands out with a growth rate higher than the average among peers in the Consumer Staples sector.
Net Margin: Dollar Tree's net margin is impressive, surpassing industry averages. With a net margin of 7.4%, the company demonstrates strong profitability and effective cost management.
Return on Equity (ROE): The company's ROE is a standout performer, exceeding industry averages. With an impressive ROE of 8.71%, the company showcases effective utilization of equity capital.
Return on Assets (ROA): Dollar Tree's ROA falls below industry averages, indicating challenges in efficiently utilizing assets. With an ROA of 1.86%, the company may face hurdles in generating optimal returns from its assets.
Debt Management: With a high debt-to-equity ratio of 2.03, Dollar Tree faces challenges in effectively managing its debt levels, indicating potential financial strain.
<h2>Analyst Ratings: Simplified</h2>
Analysts work in banking and financial systems and typically specialize in reporting for stocks or defined sectors. Analysts may attend company conference calls and meetings, research company financial statements, and communicate with insiders to publish "analyst ratings" for stocks. Analysts typically rate each stock once per quarter.
Analysts may supplement their ratings with predictions for metrics like growth estimates, earnings, and revenue, offering investors a more comprehensive outlook. However, investors should be mindful that analysts, like any human, can have subjective perspectives influencing their forecasts.
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This article was generated by Benzinga's automated content engine and reviewed by an editor.

Forecasting The Future: 25 Analyst Projections For Dollar Tree

Evercore ISI Group analyst Greg Melich maintains Dollar Tree (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DLTR#NASDAQ">DLTR</a>) with a In-Line and raises the price target from $92 to $94.

Price Target

Evercore ISI Group Maintains In-Line on Dollar Tree, Raises Price Target to $94

Bank of America Securities (BofA) analysts conducted a grocery price study in Las Vegas, comparing April 2025 in-store <a target="_blank" href="https://www.benzinga.com/analyst-stock-ratings" rel="noreferrer noopener">prices with those from a year earlier</a>.
They found average prices were up 2% year-over-year (and 23% higher than in 2019), with eggs driving much of the increase, excluding them, prices rose just 1%.
Year-over-year, price hikes were the largest at Kroger Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KR#NYSE">KR</a>) and smallest at Dollar Tree, Inc.&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DLTR#NASDAQ">DLTR</a>) Family Dollar and Amazon.com, Inc.&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) Whole Foods Market.
Also Read: <a target="_blank" href="https://www.benzinga.com/markets/equities/25/06/46023273/walmart-snaps-10-day-losing-streak-its-longest-since-2004-as-profit-takers-step-aside" rel="noreferrer noopener">Walmart Snaps 10-Day Losing Streak: It&#8217;s Longest Since 2004, As Profit-Takers Step Aside</a>
Over six years, the biggest increases were seen at Sprouts Farmers Market, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SFM#NASDAQ">SFM</a>) and Dollar General Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DG#NYSE">DG</a>), and the smallest at Whole Foods Market and Walmart Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WMT#NYSE">WMT</a>).
Analysts compared year-over-year trends and price positioning relative to Walmart using like-for-like item baskets, finding Walmart maintained the lowest grocery prices across all retailers except Dollar Tree.
At Dollar Tree, $1.25 items were 16% cheaper than Walmart, while multiprice items, mainly frozen and refrigerated, were 2% more expensive.
This apart, BofA Securities analysts visited a Dollar General Market store with produce in Las Vegas and observed that produce prices were 16% higher than Walmart&#8217;s, up from a 14% gap last year.
Across Vegas retailers, they found average grocery prices had risen 2% year-over-year, or 1% excluding eggs, led by an 8% increase in dairy, while center store prices were slightly down by 1%.
Egg prices rose sharply (30%-70%) at nearly all retailers except SFM, where prices were flat, a trend similar to BofA&#8217;s Dallas study in February.
Compared to 2019, prices in Vegas were up 23% on average, with the biggest 6-year increases at Sprouts Farmers Market and Dollar General (both +32%), and the smallest at Whole Foods Market (+11%) and Walmart (+16%).
Read More:
<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/markets/tech/25/06/46020016/pavel-durovs-100-plus-children-wont-see-a-cent-of-his-fortune-until-2055-heres-what-the-telegram-ceo-plans-to-do-with-his-estate" target="_blank" rel="noreferrer noopener">Pavel Durov&#8217;s 100-Plus Children Won&#8217;t See A Cent Of His Fortune Until 2055, Here&#8217;s What The Telegram CEO Plans To Do With His Estate</a></li>
</ul>
Photo via Shutterstock

Trading Ideas

General

AMZN

Vegas Grocery Prices Rise 2%, Walmart Remains Cheapest: Analyst

We have discussed why I favor real estate and Real Estate Investment Trusts. Since 1972, REITs have outperformed the major indexes. According to CEM Benchmarking, publicly traded real estate has outperformed every asset class except private equity since 1998. REITs have an excellent track record of paying and growing dividends.
Most people would rather chase stories than be the landlord and lender. I know far more wealthy lenders and landlords than I do rich dreamers.
Right now, most investors either hate real estate or simply do not think about it. The instant experts of the internet are convinced that real estate is heading to zero and will crash the banking system. They believe only bitcoin and AI stocks are worth buying. That is not going to happen.
Make your own call on bitcoin and AI. But consider this: who needs real estate?
Bitcoin and AI companies and their employees do. They need office space. They live somewhere. They shop at stores, pharmacies, and frequent gas stations and convenience stores. They visit doctors and labs. They travel to conferences usually held in hotels.
Those that actually manufacture products will eventually need warehouse and logistics space. Bitcoin miners need physical locations to house all those computers.
The majority of high-tech startups are going nowhere, but the people involved will still interact with real estate and make landlords wealthy regardless of how their ventures turn out.
I am not the only one who likes real estate at current prices.
&nbsp;I am seeing insiders who run these REITs (people who know the market better than anyone) begin making open market purchases of their own stocks.
John Rakolta Jr. is Chairman of Walbridge, one of the largest privately owned construction companies in the United States. Walbridge is a top U.S. builder of automotive and manufacturing facilities and has achieved considerable market diversity through expansion into the hyperscale data center market. He is also a Director of Agree Realty and has been aggressively buying shares in the open market recently.
While the instant experts of the internet scream &#8220;retail apocalypse&#8221; and predict the death of brick-and-mortar stores, Agree Realty (Ticker: ADC) has not only survived but thrived by completely rewriting the playbook. Agree Realty represents everything I look for in a long-term holding: contrarian thinking, exceptional management, fortress-like financials, and a business model that generates predictable cash flows in an unpredictable world.
In 2010, while everyone was fleeing retail real estate like it was radioactive, Agree Realty management team made a prescient decision that would define the company future. They launched their acquisition platform with a laser focus on &#8220;e-commerce resistance,&#8221; a concept largely ignored by the investment community at the time.
Consider that timing. This was just two years after the financial crisis, with Amazon retail dominance becoming increasingly apparent and traditional retailers closing stores left and right. Most investors and REITs were fleeing the sector. But Joey Agree and his team saw something different. They understood that certain types of retail were not going to disappear. They were going to evolve and become more essential than ever.
This was not just lucky timing. It marked the beginning of what would become one of the most successful strategic repositioning stories in REIT history.
Agree management articulated something Wall Street was missing: the emergence of the omni-channel economy. As Joey Agree explained in 2016, &#8220;Every retailer in the country is going to have to have billions of dollars, national retailers, to experiment, to test and eventually effectuate a true omni-channel experience because you cannot be an e-commerce-based retailer or just a brick-and-mortar-based retailer today. It does not work.&#8221;
This was not corporate speak. It was a fundamental insight that would prove prophetic. While others saw physical stores as dinosaurs, Agree saw them as critical infrastructure for the new retail economy. Stores were not just selling locations anymore; they were fulfillment centers, pickup points, showrooms, and customer experience hubs all rolled into one.
The company &#8220;RETHINK RETAIL&#8221; campaign was not marketing fluff. It was a declaration of war against conventional wisdom.
Let me walk you through some of Agree greatest hits, because this is where the company investment acumen really shines:
Tractor Supply Company (Ticker: TSCO) &#8211; Agree first acquired a Tractor Supply location in Q3 2013 when the company was still relatively unknown outside rural markets. Management saw something special: a retailer with no national competition serving the growing rural lifestyle market with products that could not easily be replicated online.
By Q2 2016, management was saying: &#8220;While neither Tractor Supply Company nor Hobby Lobby maintains a public credit rating, both possess investment-grade quality financials with very strong balance sheets.&#8221; They were ahead of the rating agencies by years.
By Q3 2018, their conviction was proven right: &#8220;We have a fantastic relationship with their real estate team. The business is really thriving. They have no national competition. They also have the highest-rated e-commerce website of any retailer.&#8221;
Today, after acquiring over 115 locations since 2013, Tractor Supply is Agree second-largest tenant at 4.9% of base rent. More importantly, TSCO was upgraded to investment grade (BBB by S&amp;P and Baa1 by Moody) in October 2020, validating Agree early assessment of the company credit quality.
Gerber Collision In 2014, Agree identified and met with The Boyd Group, parent company of Gerber Collision, recognizing early that this was a company positioned to consolidate a highly fragmented auto collision repair market. Their first acquisition came in Q3 2017.
By Q1 2018, management was already calling Gerber &#8220;the premier auto collision operator in the United States&#8221; and committed to working with them across all three growth platforms. By Q1 2022, they were describing their strategy as &#8220;identifying early on a retailer that we thought was in a tremendous position to access a fragmented space and had the balance sheet capabilities to do so.&#8221;
The result? Agree built a preferred development relationship with Gerber, developing over 20 locations to support their organic growth. Today, Gerber Collision is their 12th largest tenant with over 95 locations representing 2.3% of base rent.
Sunbelt Rentals First acquired in Q4 2015, Sunbelt Rentals represented Agree&#8217;s bet on the shift from equipment ownership to rental in the construction industry. As management explained in Q4 2019: &#8220;the only investment-grade operator in the country. If you look at the equipment ownership versus rental in this country&#8230; it is very, very low relative to Western Europe. And so, there&#8217;s a big opportunity in this country for equipment rental rather than ownership.&#8221;
The parent company, Ashtead Group, achieved investment grade ratings (BBB- by S&amp;P in August 2018, Baa3 by Moody), and by Q1 2022, management noted that &#8220;Our decision to invest in Sunbelt Rentals was recently reinforced by their upgraded BBB rating by Fitch.&#8221;
Sunbelt is now Agree 13th largest tenant with over 55 locations, representing 2.3% of base rent.
TJX Companies (Ticker: TJX) Agree relationship with TJX (parent of T.J. Maxx, Marshalls, and HomeGoods) dates back to 2012 when they developed their first T.J. Maxx. The company recognized early that off-price retailers had a sustainable competitive advantage in their treasure-hunt shopping experience and deep vendor relationships.
The insight proved prescient. As management noted in Q2 2017: &#8220;At the same time, in terms of women&#8217;s apparel, you look at T.J. Maxx&#8230;the off-price retailers have thrived.&#8221; By Q4 2017, they were saying: &#8220;the TJX Companies&#8230;is now our #5 tenant. We have a strong bias towards off-price retail and the experience and value proposition that it provides for consumers.&#8221;
Today, TJX is their 6th largest tenant at 3.1% of base rent, and the company continues to expand aggressively. Since 2012, Agree has acquired or developed over 55 TJX locations.
Let me give you a comprehensive look at Agree top tenants, because this portfolio tells the story of a company that has systematically assembled the cream of American retail:
Top 15 Tenants by Annualized Base Rent:
<ol start="1" class="wp-block-list">
<li>Walmart (Ticker: WMT) (5.9%, $38.5M ABR) &#8211; The undisputed king of retail, with the most advanced omni-channel operation in the world. Investment grade (AA from multiple agencies).</li>
<li>Tractor Supply (Ticker: TSCO) (4.9%, $31.8M ABR) &#8211; Dominant rural lifestyle retailer with no national competition. Upgraded to investment grade in 2020 (BBB/Baa1).</li>
<li>Dollar General (Ticker: DG) (4.4%, $28.4M ABR) &#8211; Leading small-box discount retailer serving rural and urban markets where traditional retailers can&#8217;t compete economically. Investment grade (BBB/Baa2).</li>
<li>Best Buy (Ticker: BBY) (3.3%, $21.7M ABR) &#8211; The last major electronics retailer standing, with a successful omni-channel model and services business. Investment grade (BBB/Baa1).</li>
<li>Kroger (Ticker: KR) (3.2%, $20.5M ABR) &#8211; One of America&#8217;s largest supermarket chains with advanced digital capabilities and strong market positions. Investment grade (BBB-/Baa1).</li>
<li>TJX Companies (Ticker: TJX) (3.1%, $20.0M ABR) &#8211; Off-price retail leader with T.J. Maxx, Marshalls, and HomeGoods. Investment grade (A-/A2).</li>
<li>CVS Pharmacy(Ticker: CVS) (3.1%, $19.9M ABR) &#8211; Healthcare-focused pharmacy chain with integrated health services. Investment grade (BBB/Baa2).</li>
<li>Dollar Tree (Ticker: DLTR) (2.8%, $18.3M ABR) &#8211; Fixed-price point retailer with defensive characteristics. Investment grade (BB+/Ba1 &#8211; sub-investment grade but improving).</li>
<li>O&#8217;Reilly Auto Parts (Ticker: ORLY) (2.8%, $18.3M ABR) &#8211; Leading automotive aftermarket parts retailer with strong same-store sales growth and e-commerce resistance. Investment grade (BBB+/Baa1).</li>
<li>Hobby Lobby (2.8%, $18.2M ABR) &#8211; Dominant craft retailer with no direct national competition and products difficult to replicate online. Privately held but with investment-grade quality financials.</li>
<li>Lowe&#8217;s (Ticker: LOW) (2.8%, $17.9M ABR) &#8211; Second-largest home improvement retailer with strong omni-channel capabilities. Investment grade (BBB/Baa2).</li>
<li>Gerber Collision (2.3%, $15.2M ABR) &#8211; Leading auto collision repair chain owned by Boyd Group. Investment grade parent (BBB-/Baa3).</li>
<li>Sunbelt Rentals (2.3%, $15.0M ABR) &#8211; Equipment rental leader owned by Ashtead Group. Investment grade parent (BBB/Baa3).</li>
<li>7-Eleven (2.2%, $14.2M ABR) &#8211; Convenience store leader with defensive location characteristics. Investment grade parent.</li>
<li>Burlington (Ticker: BURL) (2.2%, $14.0M ABR) &#8211; Off-price apparel retailer with strong growth trajectory. Sub-investment grade but improving credit profile.</li>
</ol>
What strikes me about this list is the intentionality behind every single tenant. These are not random retail relationships. They are carefully curated partnerships with companies that have either achieved market dominance, possess unique competitive advantages, or operate in sectors with natural barriers to e-commerce disruption.
Perhaps most impressive is the credit quality: 68.3% of Agree base rent comes from investment-grade tenants. This is not an accident. It is the result of a deliberate strategy to partner with retailers that have strong balance sheets and sustainable business models.
The tenant mix also reveals smart sector allocation:
<ul class="wp-block-list">
<li>Grocery Stores (10.1%): Essential, frequent-visit retailers with omni-channel capabilities</li>
<li>Home Improvement (9.1%): Large-ticket items requiring customer inspection and immediate fulfillment</li>
<li>Convenience Stores (7.8%): Location-dependent businesses with defensive characteristics</li>
<li>Tire &amp; Auto Service (7.8%): Services that require physical presence and specialized equipment</li>
<li>Dollar Stores (7.0%): Serving markets too small for traditional competitors</li>
</ul>
I want to spend a moment on Walmart specifically, because at 5.9% of base rent, they are Agree largest tenant, and this relationship exemplifies everything the company does right.
Walmart is not just surviving the retail apocalypse. They are winning it. The company has built the most sophisticated omni-channel operation in retail, with stores serving as fulfillment centers, pickup locations, and last-mile delivery hubs. Their e-commerce growth has been explosive, but rather than cannibalizing store sales, it is making their physical locations more valuable than ever.
For Agree, Walmart represents the perfect tenant: investment grade credit (AA rating), growing business model, and a real estate strategy that aligns perfectly with the omni-channel future. These are not legacy stores that might become obsolete. They are critical infrastructure for Walmart continued growth.
While the tenant quality is impressive, what really captures my attention is Agree&#8217;s balance sheet. This is what a fortress looks like:
<ul class="wp-block-list">
<li>Investment grade ratings: Baa1 from Moody&#8217;s, BBB+ from S&amp;P</li>
<li>Net debt to recurring EBITDA: 4.9x actual, 3.4x proforma (including forward equity)</li>
<li>Fixed charge coverage ratio: 4.3x</li>
<li>No material debt maturities until 2028</li>
<li>Total liquidity: approximately $2.6 billion</li>
<li>Outstanding forward equity: over $1.3 billion</li>
<li>Revolver capacity: $1.2 billion</li>
</ul>
This gives them tremendous flexibility to take advantage of market dislocations.
With their fortress balance sheet and $2.6 billion in liquidity, Agree is positioned for accelerated growth. Management recently raised their 2025 investment guidance to $1.3-$1.5 billion (up from $1.1-$1.3 billion), reflecting confidence in their ability to find attractive opportunities.
The investment pipeline is enormous: management estimates over 169,000 net lease opportunities across their target sectors, with $92+ billion in opportunities reviewed since 2018. They have been highly selective, investing only $8.0 billion over that period, demonstrating disciplined capital allocation.
In a world where dividend cuts have become commonplace, Agree has paid 159 consecutive monthly dividends with an average AFFO payout ratio of just 75% over the past ten years. The dividend has grown at approximately 6% annually over the past decade, reaching $2.99 per share in 2024.
This is not a yield play built on an unsustainable payout ratio. It is a genuine dividend growth story backed by growing cash flows and conservative financial management.
Here is what I find most compelling about Agree Realty: they have built a dominant position in a sector that most investors still view with skepticism. This creates a sustained competitive advantage. While others avoid retail real estate, Agree gets first look at the best opportunities.
The &#8220;retail apocalypse&#8221; narrative has created a two-tiered market where strong retailers with good real estate get phenomenal terms, while struggling concepts cannot secure financing at any price. Agree benefits from both sides of this dynamic: they get attractive pricing on quality assets while weak competitors are eliminated from their markets.
In a market obsessed with the next shiny object, Agree Realty has quietly built one of the highest-quality REIT portfolios in the market by betting on American retail evolution rather than its demise. They have assembled a collection of retailers that are not just surviving the omni-channel transition. They are thriving because of it.
While others were running from retail real estate, Agree was building relationships with the winners. While others were chasing yield at any cost, Agree was building a sustainable dividend growth engine. While others were leveraging up in good times, Agree was building a fortress balance sheet for all seasons.
This is the kind of contrarian, quality-focused investment that can anchor a portfolio for decades. In a world of uncertainty, Agree Realty offers something increasingly rare: predictable, growing cash flows backed by essential real estate infrastructure and managed by a team with a &#x2A;proven track record of outstanding capital allocation.
Sometimes the best investments are hiding in plain sight, dismissed by the crowd but quietly compounding wealth for those patient enough to see past the headlines.
The insiders in real estate see the opportunity.
You should as well.

Opinion

BURL

ORLY

TSCO

Alpha Buying: How This Company Quietly Took Over American Storefronts

Shoppers are increasingly turning to dollar stores, including Dollar General Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DG#NYSE">DG</a>), Dollar Tree, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DLTR#NASDAQ">DLTR</a>) and Five Below, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FIVE#NASDAQ">FIVE</a>), as economic uncertainty and inflation drive even higher-income households to<a href="https://www.benzinga.com/analyst-stock-ratings/price-target/25/06/45800961/five-below-sees-strong-q1-as-analyst-flags-tariff-risk-in-back-half-of-2025"> stretch their budgets. </a>
What To Know: The shift became evident this week when leading discount retailers released better-than-expected earnings reports and sales growth across income levels.&nbsp;
DLTR: Dollar Tree reported a robust first quarter, with same-store net sales up 5.4%, fueled by a 2.5% increase in traffic and a 2.8% rise in average ticket size. CEO Mike Creedon said Dollar Tree's low prices are resonating with all income levels and the company saw significant growth among customers earning over $100,000 annually.&nbsp;
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&#8220;History has shown that we have the resilience to emerge stronger from periods of economic uncertainty and in today&#8217;s rapidly evolving environment, we see a meaningful opportunity to further elevate the value, convenience and discovery that our customers depend on Dollar Tree to provide," Creedon said. 
DG: Dollar General<a href="https://www.benzinga.com/analyst-stock-ratings/analyst-color/25/06/45775655/dollar-general-posts-convincing-q1-earning-beat-the-year-is-off-to-a-solid-start-could-mitigate-most-potential-tariff-headwinds"> posted record quarterly </a>net sales, which rose 5.3% to $10.4 billion and same-store sales were up 2.4% in the first quarter. 
CEO Todd Vasos said on the company's earnings call that the core customer remains "financially constrained," but the chain is increasingly attracting wealthier households seeking value.
FIVE: Five Below <a href="https://www.benzinga.com/markets/earnings/25/06/45780811/five-below-q1-earnings-revenue-eps-beat-retailer-raises-guidance-cfo-will-step-down">reported total revenue</a> was up 19.5% and comparable sales increased 7.1% year-over-year.
CEO Winnie Park said, "We were pleased to see broad-based strength across the majority of our merchandising worlds, resulting in a transaction-driven 7.1% increase in comparable sales, as well as strong performance from our new stores."&nbsp;
Five Below also raised its fiscal earnings and revenue outlooks, indicating it sees the positive trends continuing throughout the year.&nbsp;
Why It Matters: Data from <a href="http://placer.ai">Placer.ai</a> confirms that dollar and discount stores are outperforming other retail sectors in 2025, with foot traffic up 3% year-over-year. Loyalty is also on the rise, as more shoppers visit these stores three or more times per month.&nbsp;
The trend shows inflation and economic uncertainty are pushing mainstream America to prioritize affordability and maximize their purchasing power to the benefit of dollar stores.&nbsp;
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Management

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FIVE

Dollar Stores Cash In As Shoppers Seek Bargains At Dollar General, Dollar Tree, Five Below

Dollar Tree Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DLTR#NASDAQ">DLTR</a>) posted better-than-expected first-quarter <a href="https://www.benzinga.com/quote/DLTR/earnings">earnings on Wednesday</a>.
Net sales increased 11.3% to $4.6 billion, beating the consensus of $4.53 billion and the management guidance of $4.5 billion—$4.6 billion.
Same-store net sales increased 5.4%, driven by a 2.5% increase in traffic and a 2.8% increase in average ticket, beating the management guidance growth of 3% – 5%.
Dollar Tree reported adjusted earnings of $1.26 per share, beating the analyst estimate of $1.21, better than management expectation of $1.10 – $1.25.
Dollar Tree reaffirms fiscal year 2025 sales guidance of $18.5 billion—$19.11 billion versus a consensus of $18.95 billion, based on comparable store net sales growth of 3% to 5%.
The company said its outlook assumes the current tariff level remains in effect for the balance of the fiscal year and that it will be able to mitigate most of the incremental margin pressure from higher tariffs and other input costs.
DLTR shares gained 9% to trade at $96.54 on Thursday.
These analysts made changes to their price targets on DLTR following earnings announcement.
<ul class="wp-block-list">
<li>Telsey Advisory Group analyst Joseph Feldman maintained Dollar Tree with a Market Perform and raised the price target from $95 to $100.</li>
<li>JP Morgan analyst Matthew Boss upgraded Dollar Tree from Neutral to Overweight and raised the price target from $72 to $111.</li>
<li>Evercore ISI Group analyst Greg Melich maintained Dollar Tree with an In-Line and raised the price target from $86 to $92.</li>
<li>Truist Securities analyst Scot Ciccarelli maintained the stock with a Buy and raised the price target from $100 to $109.</li>
<li>BMO Capital analyst Kelly Bania maintained Dollar Tree with a Market Perform and raised the price target from $80 to $85.</li>
<li>Piper Sandler analyst Peter Keith maintained Dollar Tree with a Neutral and raised the price target from $72 to $93.</li>
<li>Morgan Stanley analyst Simeon Gutman maintained the stock with an Equal-Weight rating and bboosted the price target from $80 to $96.</li>
</ul>
Considering buying DLTR stock? Here&#8217;s what analysts think: 
<figure class="wp-block-image size-large is-resized"><a href="Top 2 Defensive Stocks That Are Ticking Portfolio Bombs"><img loading="lazy" decoding="async" width="1024" height="414" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/06/05160254/image-75-1024x414.png" alt="" class="wp-image-940326" style="width:593px;height:auto" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/06/05160254/image-75-1024x414.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/06/05160254/image-75-300x121.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/06/05160254/image-75-768x311.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/06/05160254/image-75.png 1092w" sizes="(max-width: 1024px) 100vw, 1024px" /></a></figure>
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These Analysts Increase Their Forecasts On Dollar Tree After Upbeat Earnings

Top Wall Street analysts changed their outlook on these top names. For a complete view of all analyst rating changes, including upgrades and downgrades, please see our <a href="https://www.benzinga.com/analyst-stock-ratings">analyst ratings page</a>.
<ul class="wp-block-list">
<li>Barrington Research raised HealthEquity, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HQY#NASDAQ">HQY</a>) price target from $112 to $125. Barrington Research analyst Alexander Paris maintained an Outperform rating. HealthEquity shares closed at $113.6 on Wednesday. <a href="https://www.benzinga.com/quote/HQY/analyst-ratings">See how other analysts view this stock.</a></li>
<li>Mizuho boosted the price target for Five Below, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FIVE#NASDAQ">FIVE</a>) from $100 to $115. Mizuho analyst David Bellinger maintained a Neutral rating. Five Below shares closed at $121.24 on Wednesday. <a href="https://www.benzinga.com/quote/FIVE/analyst-ratings">See how other analysts view this stock.</a></li>
<li>Mizuho raised Micron Technology, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MU#NASDAQ">MU</a>) price target from $124 to $130. Mizuho analyst Vijay Rakesh maintained an Outperform rating. Micron shares closed at $103.25 on Wednesday. <a href="https://www.benzinga.com/quote/MU/analyst-ratings">See how other analysts view this stock.</a></li>
<li>Morgan Stanley raised the price target for Dollar Tree, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DLTR#NASDAQ">DLTR</a>) from $80 to $96. Morgan Stanley analyst Simeon Gutman maintained an Equal-Weight rating. Dollar Tree Enterprise shares closed at $88.62 on Wednesday. <a href="https://www.benzinga.com/quote/DLTR/analyst-ratings">See how other analysts view this stock.</a></li>
<li>B of A Securities increased the price target for Roblox Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RBLX#NYSE">RBLX</a>) from $86 to $103. B of A Securities analyst Omar Dessouky maintained a Buy rating. Roblox shares closed at $91.05 on Wednesday. <a href="https://www.benzinga.com/quote/RBLX/analyst-ratings">See how other analysts view this stock.</a></li>
<li>Goldman Sachs raised Five Below, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FIVE#NASDAQ">FIVE</a>) price target from $107 to $122. Goldman Sachs analyst Kate McShane maintained a Buy rating. Five Below shares settled at $121.24 on Wednesday. <a href="https://www.benzinga.com/quote/FIVE/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>HC Wainwright &amp; Co increased BioNTech SE (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BNTX#NASDAQ">BNTX</a>) price target from $134 to $145. HC Wainwright &amp; Co. analyst Robert Burns maintained a Buy rating. BioNTech shares closed at $111.14 on Wednesday. <a href="https://www.benzinga.com/quote/MSFT/analyst-ratings">See how other analysts view this stock.</a></li>
<li>DA Davidson raised Sprinklr, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CXM#NYSE">CXM</a>) price target from $8 to $9. DA Davidson analyst Clark Wright maintained a Neutral rating. Sprinklr shares closed at $9.06 on Wednesday.  <a href="https://www.benzinga.com/quote/CXM/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>Barclays cut the price target for Victoria&#8217;s Secret &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VSCO#NYSE">VSCO</a>) from $23 to $22. Barclays analyst Adrienne Yih maintained an Overweight rating. Victoria&#8217;s Secret shares settled at $20.47 on Wednesday. <a href="https://www.benzinga.com/quote/VSCO/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>Scotiabank raised The Williams Companies, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WMB#NYSE">WMB</a>) price target from $52 to $59. Scotiabank analyst Brandon Bingham maintained a Sector Perform rating. Williams shares closed at $60.10 on Wednesday. <a href="https://www.benzinga.com/quote/WMB/analyst-ratings">See how other analysts view this stock</a>.</li>
</ul>
Considering buying CRWD stock? Here&#8217;s what analysts think: 
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Micron To Rally Around 26%? Here Are 10 Top Analyst Forecasts For Thursday

Top Wall Street analysts changed their outlook on these top names. For a complete view of all analyst rating changes, including upgrades, downgrades and initiations, please see our <a href="https://www.benzinga.com/analyst-stock-ratings">analyst ratings page</a>.
<ul class="wp-block-list">
<li>Jefferies analyst Julien Dumoulin-Smith upgraded the rating for The Southern Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SO#NYSE">SO</a>) from Hold to Buy and lowered the price target from $102 to $100. Southern shares closed at $88.29 on Wednesday. <a href="https://www.benzinga.com/quote/SO/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>JP Morgan analyst Matthew Boss upgraded Dollar Tree, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DLTR#NASDAQ">DLTR</a>) from Neutral to Overweight and raised the price target from $72 to $111. Dollar Tree shares closed at $88.62 on Wednesday. <a href="https://www.benzinga.com/quote/DLTR/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>Janney Montgomery Scott analyst Timothy Coffey upgraded the rating for Glacier Bancorp, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GBCI#NYSE">GBCI</a>) from Neutral to Buy and announced a $48 price target. Glacier Bancorp shares closed at $41.21 on Wednesday. <a href="https://www.benzinga.com/quote/GBCI/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>Morgan Stanley analyst Josh Baer upgraded Udemy, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/UDMY#NASDAQ">UDMY</a>) from Underweight to Equal-Weight and boosted the price target from $7 to $9. Udemy shares closed at $7.69 on Wednesday. <a href="https://www.benzinga.com/quote/UDMY/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>Mizuho analyst Dan Dolev upgraded Visa Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/V#NYSE">V</a>) from Neutral to Outperform and raised the price target from $359 to $425. Visa shares closed at $368.08 on Wednesday. <a href="https://www.benzinga.com/quote/V/analyst-ratings">See how other analysts view this stock.</a></li>
</ul>
Considering buying Visa stock? Here&#8217;s what analysts think: 
<figure class="wp-block-image size-large is-resized"><a href="https://www.benzinga.com/quote/V/analyst-ratings"><img loading="lazy" decoding="async" width="1024" height="591" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/06/05150824/image-70-1024x591.png" alt="" class="wp-image-940262" style="width:629px;height:auto" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/06/05150824/image-70-1024x591.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/06/05150824/image-70-300x173.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/06/05150824/image-70-768x443.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/06/05150824/image-70.png 1113w" sizes="(max-width: 1024px) 100vw, 1024px" /></a></figure>
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Upgrades

Intraday Update

GBCI

UDMY

This Visa Analyst Turns Bullish; Here Are Top 5 Upgrades For Thursday

U.S. stocks were mixed, with the Dow Jones index gaining around 50 points on Thursday.
Shares of Greif, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GEF#NYSE">GEF</a>) rose sharply during Thursday's session after the company reported <a href="https://www.benzinga.com/quote/GEF/earnings">better-than-expected quarterly adjusted EPS results.</a>
Greif posted adjusted earnings of $1.19 per share, beating market estimates of $1.11 per share.
Greif shares jumped 16.3% to $63.98 on Thursday.
Here are some other big stocks recording gains in today&#8217;s session.
<ul class="wp-block-list">
<li>Liminatus Pharma, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LIMN#NASDAQ">LIMN</a>) surged 63.7% to $20.82 after the company announced it regained Nasdaq compliance.</li>
<li>Planet Labs PBC (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PL#NYSE">PL</a>) shares gained 50.2% to $6.01 following a first-quarter sales beat and after the company raised its FY26 sales guidance.</li>
<li>Nebius Group N.V. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NBIS#NASDAQ">NBIS</a>) rose 23% to $48.48. Nebius Group recently announced it raised $1 billion in convertible notes.</li>
<li>IperionX Limited (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IPX#NASDAQ">IPX</a>) gained 19.6% to $29.20 after the company announced it was awarded a Department of Defense SBIR Phase III contract valued at up to $99 million.</li>
<li>First Majestic Silver Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AG#NYSE">AG</a>) rose 16.3% to $8.45.</li>
<li>Owens &amp; Minor, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OMI#NYSE">OMI</a>) gained 16.1% to $7.73 after the company announced it terminated its Rotech Healthcare acquisition.</li>
<li>MongoDB, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MDB#NASDAQ">MDB</a>) jumped 12.9% to $225.54 after the company reported better-than-expected first-quarter financial results, issued second-quarter adjusted EPS guidance above estimates and raised its FY26 guidance. Also, the company announced an additional share repurchase authorization of $800 million.</li>
<li>Oscar Health, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OSCR#NYSE">OSCR</a>) gained 12.5% to $15.90.</li>
<li>The Scotts Miracle-Gro Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SMG#NYSE">SMG</a>) rose 11.1% to $65.15 after the company provided FY25 guidance.</li>
<li>Scholar Rock Holding Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SRRK#NASDAQ">SRRK</a>) gained 11.1% to $34.26.</li>
<li>Dollar Tree Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DLTR#NASDAQ">DLTR</a>) rose 9.1% to $96.67 after multiple firms raised their respective price targets on the stock.</li>
<li>Oshkosh Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OSK#NYSE">OSK</a>) gained 7.9% to $110.21 after the company shared its strategy for growth and 2028 financial targets.</li>
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Photo via Shutterstock

LIMN

NBIS

OSCR

SRRK

Greif Posts Upbeat Earnings, Joins Planet Labs PBC, IperionX, Owens & Minor And Other Big Stocks Moving Higher On Thursday

Morgan Stanley analyst Simeon Gutman maintains Dollar Tree (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DLTR#NASDAQ">DLTR</a>) with a Equal-Weight and raises the price target from $80 to $96.

Morgan Stanley Maintains Equal-Weight on Dollar Tree, Raises Price Target to $96

WIIM

Dollar Tree shares are trading higher after multiple firms raised their respective price targets on the stock.

Shares of Dollar Tree Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DLTR#NASDAQ">DLTR</a>) rallied on Thursday after the company reported upbeat same-store <a href="https://www.benzinga.com/markets/earnings/25/06/45768682/dollar-tree-q1-same-store-sales-jump-5-4-warns-of-near-term-profit-drop-on-tariff-pressure-transition-costs">sales on Wednesday.</a>
The announcement came amid an <a href="https://www.benzinga.com/earnings">exciting earnings season</a>. Here are some key analyst takeaways.
JPMorgan On Dollar Tree
<a href="https://www.benzinga.com/analyst-stock-ratings/analyst/586bcbd9351b9b0001ab738c/matthew-boss">Analyst Matthew Boss</a> upgraded the rating from Neutral to Overweight and raised the price target from $72 to $111.
Dollar Tree reported same-store-sales growth of 5.4%, topping consensus of 4.1%, with both ticket and traffic strength, Boss said in the upgrade note. Traffic growth of 2.5% included a meaningfully higher number of consumers with a household income of more than $100,000 as well as a 9% year-on-year increase in higher-purchase-frequency customers, he added.
Ticket comp growth of +2.8% was "supported by multi-price-point &amp; favorable seasonal/ discretionary category demand," the analyst wrote. Management indicated that the company's same-store-sales growth in the second quarter could be at the high end of the full-year guidance range of 3% to 5%, he further stated.
Check out <a href="https://www.benzinga.com/analyst-stock-ratings">other analyst stock ratings</a>.
Telsey Advisory Group On Dollar Tree
<a href="https://www.benzinga.com/analyst-stock-ratings/analyst/5e301e08430dee0001c88c8d/joseph-feldman">Analyst Joseph Feldman</a> maintained a Market Perform rating, while taking the price target higher from $95 to $100.
Although Dollar Tree's transformation continues, the company still faces earnings volatility, Feldman said. The company reported first-quarter adjusted earnings of $1.26 per share, surpassing consensus of $1.21 per share, "driven by a strong comp of 5.4%," significantly higher than consensus of 3.9%, he added.
The company achieved positive comp in both the consumables and discretionary segments, the analyst stated. "Importantly, the number of customers who visit Dollar Tree stores three or more times a month increased 9%—a measure of high loyalty," he further wrote.
Guggenheim Securities On Dollar Tree
<a href="https://www.benzinga.com/analyst-stock-ratings/analyst/59a96aeaca173800012b7a7d/john-heinbockel">Analyst John Heinbockel</a> reiterated a Buy rating and price target of $100.
Dollar Tree's operating results were broadly in line with expectations, Heinbockel said. He added, however, that investors were surprised by the company guiding to an earnings decline for the second quarter of as much as 45%-50% "on one-time tariff-related COGS and labor expense pressure."
The COGS impact resulted from "the 145%-tariffed product making its way into the system," which is something the company cannot mitigate in the short term, the analyst stated. Moreover, the product had to be re-priced at the store level, instead of at factories, which added to the costs, he explained.
DLTR Price Action: Shares of Dollar Tree had risen by 8.4% to $96.08 at the time of publication on Thursday.
Read More: 
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<li><a href="https://www.benzinga.com/markets/earnings/25/06/45790020/dollar-tree-unveils-5-lever-mitigation-strategy-to-address-trumps-tariffs-warns-of-meaningfully-lower-q2-profit">Dollar Tree Unveils &#8216;5-Lever Mitigation Strategy&#8217; To Address Trump&#8217;s Tariffs: Warns of &#8216;Meaningfully Lower&#8217; Q2 Profit</a></li>
</ul>
Photo: Around the World Photos / Shutterstock.com

Reiteration

Dollar Tree Posts Strong Same-Store Sales Growth, Customers Are Buying More Frequently, Analysts Say

Piper Sandler analyst Peter Keith maintains Dollar Tree (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DLTR#NASDAQ">DLTR</a>) with a Neutral and raises the price target from $72 to $93.

Piper Sandler Maintains Neutral on Dollar Tree, Raises Price Target to $93

BMO Capital analyst Kelly Bania maintains Dollar Tree (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DLTR#NASDAQ">DLTR</a>) with a Market Perform and raises the price target from $80 to $85.

BMO Capital Maintains Market Perform on Dollar Tree, Raises Price Target to $85

Guggenheim analyst John Heinbockel reiterates Dollar Tree (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DLTR#NASDAQ">DLTR</a>) with a Buy and maintains $100 price target.

Guggenheim Reiterates Buy on Dollar Tree, Maintains $100 Price Target

Truist Securities analyst Scot Ciccarelli maintains Dollar Tree (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DLTR#NASDAQ">DLTR</a>) with a Buy and raises the price target from $100 to $109.

Truist Securities Maintains Buy on Dollar Tree, Raises Price Target to $109

Evercore ISI Group analyst Greg Melich maintains Dollar Tree (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DLTR#NASDAQ">DLTR</a>) with a In-Line and raises the price target from $86 to $92.

Evercore ISI Group Maintains In-Line on Dollar Tree, Raises Price Target to $92

JP Morgan analyst Matthew Boss upgrades Dollar Tree (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DLTR#NASDAQ">DLTR</a>) from Neutral to Overweight and raises the price target from $72 to $111.

JP Morgan Upgrades Dollar Tree to Overweight, Raises Price Target to $111

Dollar Tree Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DLTR#NASDAQ">DLTR</a>) presented its &#8220;5 levers mitigation strategy&#8221; to address Donald Trump&#8217;s &#8220;highly fluid and changing&#8221; tariff scenario during its <a href="https://www.benzinga.com/markets/earnings/25/06/45768682/dollar-tree-q1-same-store-sales-jump-5-4-warns-of-near-term-profit-drop-on-tariff-pressure-transition-costs">first quarter earnings</a> call and highlighted its impact on second quarter profits.
What Happened: The company&#8217;s CEO and Director, Michael Creedon, explained that the available &#8220;5 levers&#8221; are being utilized to address cost inflation.
This included negotiating with suppliers, respeccing products (meaning re-specifying or redesigning products cost-effectively, moving the country of origin, dropping non-economic items, and leveraging our expanded multi-price capabilities.
The CEO also underscored that the volatility of today&#8217;s operating environment, especially with &#8220;highly fluid and changing&#8221; tariffs, made it harder to predict the second quarter performance.
&#8220;Stepping back and taking a full-year view, we believe that by successfully deploying our 5 levers, we will be able to mitigate most, if not all, of the potential earnings impact from higher tariffs, assuming the current levels remain in place,&#8221; he said.
According to the CFO, Stewart Glendinning, &#8220;We expect our second quarter profits to be meaningfully lower than last year in light of higher tariffs and other costs, including some costs we absorbed during the 145% window on China tariffs.&#8221;
Additionally, the CEO also highlighted the rise in &#8220;meaningful traffic Increase&#8221; from customers with household incomes of more than $100,000, demonstrating Dollar Tree&#8217;s broad appeal.
He added, highlighting these details that &#8220;Our customers need us now more than ever. Each week, more shoppers across a diverse range of economic and demographic backgrounds are responding to the appeal of Dollar Tree&#8217;s unique value, convenience, and discovery proposition.&#8221;
See Also: <a href="https://www.benzinga.com/markets/equities/25/06/45764818/bill-ackman-urges-end-to-fannie-mae-freddie-mac-conservatorship-says-will-enable-them-to-operate-more-successfully-and-efficiently">Bill Ackman Urges End To Fannie Mae, Freddie Mac Conservatorship: Says Will Enable Them To &#8216;Operate More Successfully And Efficiently&#8217;</a>
Why It Matters: Dollar Tree&#8217;s <a href="https://www.benzinga.com/markets/earnings/25/06/45768682/dollar-tree-q1-same-store-sales-jump-5-4-warns-of-near-term-profit-drop-on-tariff-pressure-transition-costs">first quarter results</a> exceeded forecasts, with net sales up 11.3% to $4.6 billion, surpassing both analyst consensus and company guidance.
Same-store sales jumped 5.4% above guidance, fueled by a 2.5% increase in traffic and a 2.8% rise in average ticket. The company also reported adjusted earnings of $1.26 per share, beating both analyst estimates and management&#8217;s outlook.
However, it reiterated full-year sales guidance in the range of $18.5 billion to $19.1 billion. This forecast fell short of the average analyst estimate of $18.95 billion, leading to investor disappointment.
Thus, the stock closed 8.37% lower on Wednesday. It was up 15.89% on a year-to-date basis and 22.52% lower over a year.
Benzinga Edge Stock Rankings shows that DLTR had a stronger price trend over the short, medium, and long term. Its value ranking was moderate at the 62.97th percentile, whereas its growth ranking was poor. The details of other metrics for this and many other stocks are <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound">available here</a>.
<figure class="wp-block-image size-large"><a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound"><img loading="lazy" decoding="async" width="1024" height="158" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/06/05022153/DLTR-Edge-1024x158.png" alt="" class="wp-image-939206" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/06/05022153/DLTR-Edge-1024x158.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/06/05022153/DLTR-Edge-300x46.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/06/05022153/DLTR-Edge-768x119.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/06/05022153/DLTR-Edge.png 1153w" sizes="(max-width: 1024px) 100vw, 1024px" /></a></figure>
The SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) and Invesco QQQ Trust ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>), which track the S&amp;P 500 index and Nasdaq 100 index, respectively, ended on a mixed note on Wednesday. The SPY was down 0.027% at $595.93, while the QQQ advanced 0.28% to $528.77, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a> data.
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Photo courtesy: Around the World Photos / Shutterstock.com

Date	Put/Call	Strike Price	Exp Date	DTE	Trade Vol	Day Vol	Vol / OI	OI	Trade Type	Sentiment
11:48 AMJun 27, 2025	PUT	$100.00	Oct 17, 2025	110	761	750	89	857	TRADE	BULLISH
11:51 AMJun 20, 2025	PUT	$98.00	Jul 03, 2025	4	2500	2500	124	2023	TRADE	BEARISH
11:21 AMJun 20, 2025	CALL	$100.00	Nov 21, 2025	145	700	700	236	297	TRADE	BEARISH

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