Analyst Note
| Zain Akbari, CFA |Although our $111 per share valuation of no-moat Dollar Tree will not change in response to the news that the company is reconstituting its board of directors and bringing on former Dollar General CEO Richard Dreiling as executive chairman, we acknowledge the move could offer upside. However, with details on new leadership’s optimization plans scarce, our long-term forecast remains in place, calling for mid-single-digit percentage top-line growth and high-single-digit adjusted operating margins.