The firm set a price target of $57 for the American chain of discount variety stores company, up from its previous mark of $56.
Jefferies also reiterated its "hold" rating and increased the annual EPS earnings estimate for fiscal 2016 to $3.37 from $3.33.
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"Field checks suggest a good top-line quarter and likely the best comps in the dollar store space," said analysts at Jefferies. "We believe the company saw strength in both food and non-food and capped up the quarter with good seasonal sales over Halloween."
Shares of Dollar Tree are up 0.55% to $61.85 in early afternoon trading on Wednesday.
Separately, TheStreet Ratings team rates DOLLAR TREE INC as a Buy with a ratings score of A-. TheStreet Ratings Team has this to say about their recommendation:
"We rate DOLLAR TREE INC (DLTR) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its revenue growth, growth in earnings per share, notable return on equity, increase in stock price during the past year and largely solid financial position with reasonable debt levels by most measures. We feel these strengths outweigh the fact that the company shows weak operating cash flow."