J.P. Morgan Raises Estimates On Dollar Tree

J.P. Morgan earlier today raised its estimates and reiterated its overweight recommendation on discount retailer Dollar Tree (NASDAQ: DLTR).

The bank’s upgrades come on the back of a good quarter for the company, which beat consensus estimates for 3Q by over 10 cents, posting EPS of 76 cents. J.P. Morgan believes that Dollar Tree will continue its positive momentum.

The new estimates are $1.38 per share net for 4Q 2009 (up from the former $1.34) and $3.80 for full year 2010 (up from $3.70). Its price target on the stock is $57.

DLTR was up 4 cents in trading today to close at $48.02.