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The Procter & Gamble Company PG, also known as P&G, has displayed a robust graph, reflecting the continued rise in its share price in the past few months. The PG stock’s momentum is attributed to the success of its strategy focusing on sustainability and adaptability, responding to the evolving demands of consumers, customers and society. It has been focused on productivity and cost-saving plans to boost margins.
In the year-to-date period, the company’s shares have rallied 21%, surpassing the broader Zacks Consumer Staples sector and the S&P 500 index’s rise of 10.4% and 17.9%, respectively.
Shares of this Cincinnati, OH-based consumer goods company created new 52-high marks more than three times in less than three months.
The current share price of $177.24 reflects a 0.4% discount to its recent 52-week high mark of $177.94. Also, the PG stock reflects a 25.3% premium from its 52-week low of $141.45.
P&G's Price Performance
PG is trading above its 50 and 200-day moving averages, indicating robust upward momentum and price stability. This technical strength reflects positive market perception and confidence in PG’s financial health and prospects.
P&G Stock Trades Above 50 and 200-Day Moving Average
Strategies Support PG’s Rally
P&G is a stalwart in the consumer goods industry, with a comprehensive business model and operations in more than 180 countries. PG features a diverse portfolio of brands in categories like home care, personal care and health care. Its strong brand loyalty enables it to command premium pricing, sustain market share and compete effectively, reinforcing its market leadership.
The stock’s upward trajectory is well-supported by its stringent focus on productivity and cost-saving plans to boost margins. Continued investments in the business, alongside efforts to offset macro cost headwinds and balance top and bottom-line growth, underscore its productivity efforts. The company is focusing on achieving significant cost savings in its operations.
For fiscal 2024, PG delivered strong cost savings and is exploring more opportunities to save as it continues to develop its three-year rolling productivity master plans. The goal is to achieve up to $1.5 billion in gross savings in the cost of goods sold before tax in the next three years. The execution of this target is supported by its platform programs with global applications across key categories such as "Supply Chains 3.0," which involves modernizing and optimizing supply-chain operations.
Also, collaboration with retailers enables identifying more comprehensive and effective savings opportunities. The company uses digital tools to improve fill rates, and optimize dynamic routing and sourcing. These technological advancements are expected to create saving opportunities of $200-$300 million, with a target to reduce overhead costs and improve the effectiveness of its marketing efforts.
PG Falls Short of Industry Peers
Shares of Procter & Gamble have shown a steady year-to-date rise. However, a close study of the stock performance reveals that it has underperformed the industry in this period. Notably, the PG stock has risen 21% year to date compared with the industry’s rally of 23.4%.
The PG stock has also underperformed its peers like Colgate-Palmolive CL and Unilever UL, which recorded gains of 32.3% and 35.3%, respectively, in the year-to-date period.
PG Vs Peers
Obstacles in P&G’s Global Strategy
Unlike its peers, Procter & Gamble faces soft trends in certain international markets, including market issues in Greater China, challenging macroeconomic conditions, geopolitical tensions across various regions and substantial financial impacts of currency volatility.
The company continues to face weak market conditions in Greater China, its second-largest market, due to unfavorable macroeconomic conditions that dampened consumer spending trends in the region. Brand-specific issues with its flagship beauty brand, SK-II, linked to its Japanese heritage, is another headwind. Backed by these challenges, organic sales in the region fell 8% year over year in the fourth quarter, with a 9% decline for fiscal 2024.
In the fiscal fourth quarter, sluggish sales were led by weak market conditions, contributing to a significant drop during the key 6/18 shopping period, mirroring earlier declines during Chinese New Year and Valentine’s Day. While P&G expects gradual improvement in market trends and SK-II performance, it does not anticipate a return to growth in the region or for SK-II for at least another quarter or two.
P&G is also experiencing soft volume trends in several enterprise markets across Europe, and the Asia Pacific, Middle East and Africa regions, including Egypt, Saudi Arabia, Turkey, Indonesia, Malaysia and Russia. These markets have been particularly affected by geopolitical tensions, reducing consumer spending and slowing retail activity. Ongoing boycotts of Western brands in the Middle East pose further challenges.
The company is also grappling with currency volatility and rising commodity costs. P&G projects significant after-tax impacts of $200 million from foreign exchange fluctuations and $300 million from commodity cost pressures in fiscal 2025.
PG’s Premium Valuation
P&G is currently trading at a forward 12-month P/E multiple of 25.06X, exceeding the industry average of 23.89X and the S&P 500’s average of 21.45X. Currently, the PG stock’s valuation seems pricey. The stock also trades at a premium to Clorox CLX, which trades at a forward 12-month P/E of 24.75X.
Investors could face significant downside risks if the company's future performance does not meet expectations. The consumer goods market is becoming increasingly competitive, and PG's innovation and market expansion may not be enough to drive significant growth. Economic headwinds and increased competition could hinder the company’s ability to maintain its current growth trajectory.
Is it Prudent to Buy the PG Stock?
While P&G has achieved new highs in its recent stock performance, prospective investors should exercise caution. The company's strong market position, focus on productivity and cost-saving initiatives offer a promising outlook. Its extensive global presence and diverse brand portfolio provide a stable revenue foundation. However, challenges in key markets like Greater China and geopolitical tensions in emerging regions create significant headwinds.
Given the stock’s high valuation and recent rally, investors might be cautious about entering at the current levels, suggesting higher risks. For existing shareholders, holding on to this Zacks Rank #3 (Hold) stock could be a wise decision, given its strong long-term potential.
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Zacks Investment Research
Taking full advantage of the stock market and investing with confidence are common goals for new and old investors, and Zacks Premium offers many different ways to do both.
The popular research service can help you become a smarter, more self-assured investor, giving you access to daily updates of the Zacks Rank and Zacks Industry Rank, the Zacks #1 Rank List, Equity Research reports, and Premium stock screens.
Zacks Premium also includes the Zacks Style Scores.
What are the Zacks Style Scores?
The Zacks Style Scores, developed alongside the Zacks Rank, are complementary indicators that rate stocks based on three widely-followed investing methodologies; they also help investors pick stocks with the best chances of beating the market over the next 30 days.
Each stock is given an alphabetic rating of A, B, C, D or F based on their value, growth, and momentum qualities. With this system, an A is better than a B, a B is better than a C, and so on, meaning the better the score, the better chance the stock will outperform.
The Style Scores are broken down into four categories:
Value Score
For value investors, it's all about finding good stocks at good prices, and discovering which companies are trading under their true value before the broader market catches on. The Value Style Score utilizes ratios like P/E, PEG, Price/Sales, Price/Cash Flow, and a host of other multiples to help pick out the most attractive and discounted stocks.
Growth Score
While good value is important, growth investors are more focused on a company's financial strength and health, and its future outlook. The Growth Style Score takes projected and historic earnings, sales, and cash flow into account to uncover stocks that will see long-term, sustainable growth.
Momentum Score
Momentum traders and investors live by the saying "the trend is your friend." This investing style is all about taking advantage of upward or downward trends in a stock's price or earnings outlook. Employing factors like one-week price change and the monthly percentage change in earnings estimates, the Momentum Style Score can indicate favorable times to build a position in high-momentum stocks.
VGM Score
If you like to use all three kinds of investing, then the VGM Score is for you. It's a combination of all Style Scores, and is an important indicator to use with the Zacks Rank. The VGM Score rates each stock on their shared weighted styles, narrowing down the companies with the most attractive value, best growth forecast, and most promising momentum.
How Style Scores Work with the Zacks Rank
A proprietary stock-rating model, the Zacks Rank utilizes the power of earnings estimate revisions, or changes to a company's earnings outlook, to help investors create a successful portfolio.
Investors can count on the Zacks Rank's success, with #1 (Strong Buy) stocks producing an unmatched +25.41% average annual return since 1988, more than double the S&P 500's performance. But the model rates a large number of stocks, and there are over 200 companies with a Strong Buy rank, plus another 600 with a #2 (Buy) rank, on any given day.
But it can feel overwhelming to pick the right stocks for you and your investing goals with over 800 top-rated stocks to choose from.
That's where the Style Scores come in.
To maximize your returns, you want to buy stocks with the highest probability of success. This means picking stocks with a Zacks Rank #1 or #2 that also have Style Scores of A or B. If you find yourself looking at stocks with a #3 (Hold) rank, make sure they have Scores of A or B as well to ensure as much upside potential as possible.
The direction of a stock's earnings estimate revisions should always be a key factor when choosing which stocks to buy, since the Scores were created to work together with the Zacks Rank.
Here's an example: a stock with a #4 (Sell) or #5 (Strong Sell) rating, even one with Style Scores of A and B, still has a downward-trending earnings outlook, and a bigger chance its share price will decrease too.
Thus, the more stocks you own with a #1 or #2 Rank and Scores of A or B, the better.
Stock to Watch: Clorox (CLX)
Headquartered in Oakland, CA, The Clorox Company is engaged in the production, marketing and sale of consumer products in the U.S. and international markets. The company sells its products primarily through mass merchandisers, grocery stores and other retail outlets. Clorox markets some of the most trusted and recognized brands, including its namesake bleach and cleaning products, Green Works natural cleaners and laundry products, Poett and Mistolin cleaning products, Armor All and STP auto-care products, Fresh Step and Scoop Away cat litter, Kingsford charcoal, Hidden Valley and K C Masterpiece dressings and sauces, Brita water-filtration systems, Glad bags, wraps and containers, and Burt’s Bees natural personal care products. The company manufactures products in over 24 countries and markets them in more than 100 countries.
CLX is a #3 (Hold) on the Zacks Rank, with a VGM Score of B.
Momentum investors should take note of this Consumer Staples stock. CLX has a Momentum Style Score of A, and shares are up 11.2% over the past four weeks.
For fiscal 2025, seven analysts revised their earnings estimate upwards in the last 60 days, and the Zacks Consensus Estimate has increased $0.18 to $6.63 per share. CLX boasts an average earnings surprise of 122.9%.
With a solid Zacks Rank and top-tier Momentum and VGM Style Scores, CLX should be on investors' short list.
Zacks Investment Research
The Fidelity MSCI Consumer Staples Index ETF (FSTA) was launched on 10/21/2013, and is a passively managed exchange traded fund designed to offer broad exposure to the Consumer Staples - Broad segment of the equity market.
While an excellent vehicle for long term investors, passively managed ETFs are a popular choice among institutional and retail investors due to their low costs, transparency, flexibility, and tax efficiency.
Sector ETFs also provide investors access to a broad group of companies in particular sectors that offer low risk and diversified exposure. Consumer Staples - Broad is one of the 16 broad Zacks sectors within the Zacks Industry classification. It is currently ranked 10, placing it in bottom 38%.
Index Details
The fund is sponsored by Fidelity. It has amassed assets over $1.20 billion, making it one of the average sized ETFs attempting to match the performance of the Consumer Staples - Broad segment of the equity market. FSTA seeks to match the performance of the MSCI USA IMI Consumer Staples Index before fees and expenses.
The MSCI USA IMI Consumer Staples Index represents the performance of the consumer staples sector in the U.S. equity market.
Costs
Investors should also pay attention to an ETF's expense ratio. Lower cost products will produce better results than those with a higher cost, assuming all other metrics remain the same.
Annual operating expenses for this ETF are 0.08%, making it the least expensive product in the space.
It has a 12-month trailing dividend yield of 1.81%.
Sector Exposure and Top Holdings
It is important to delve into an ETF's holdings before investing despite the many upsides to these kinds of funds like diversified exposure, which minimizes single stock risk. And, most ETFs are very transparent products that disclose their holdings on a daily basis.
This ETF has heaviest allocation in the Consumer Staples sector--about 99.80% of the portfolio.
Looking at individual holdings, Procter + Gamble Co/the Common Stock (PG) accounts for about 11.95% of total assets, followed by Costco Wholesale Corp Common Stock Usd.005 (COST) and Walmart Inc Common Stock Usd.1 (WMT).
The top 10 holdings account for about 62.46% of total assets under management.
Performance and Risk
The ETF has added roughly 17.15% and was up about 19.64% so far this year and in the past one year (as of 09/17/2024), respectively. FSTA has traded between $40.85 and $51.72 during this last 52-week period.
The ETF has a beta of 0.60 and standard deviation of 13.26% for the trailing three-year period, making it a medium risk choice in the space. With about 108 holdings, it effectively diversifies company-specific risk.
Alternatives
Fidelity MSCI Consumer Staples Index ETF carries a Zacks ETF Rank of 3 (Hold), which is based on expected asset class return, expense ratio, and momentum, among other factors. Thus, FSTA is a good option for those seeking exposure to the Consumer Staples ETFs area of the market. Investors might also want to consider some other ETF options in the space.
Vanguard Consumer Staples ETF (VDC) tracks MSCI US Investable Market Consumer Staples 25/50 Index and the Consumer Staples Select Sector SPDR ETF (XLP) tracks Consumer Staples Select Sector Index. Vanguard Consumer Staples ETF has $7.38 billion in assets, Consumer Staples Select Sector SPDR ETF has $18.53 billion. VDC has an expense ratio of 0.10% and XLP charges 0.09%.
Bottom Line
To learn more about this product and other ETFs, screen for products that match your investment objectives and read articles on latest developments in the ETF investing universe, please visit Zacks ETF Center.
Zacks Investment Research
For Immediate Release
Chicago, IL – September 17, 2024 – Today, Zacks Investment Ideas feature highlights Walmart WMT, Procter & Gamble PG and Coca-Cola KO, Alphabet GOOGL, Meta Platforms META, Oracle’s ORCL and Nvidia’s NVDA.
Tech Stocks Are Cheap, Value Expensive: A Rare Opportunity?
In recent months, we've witnessed a significant rotation in the stock market, with investors gravitating toward defensive, value-oriented stocks as they brace for an economic slowdown and potential shifts in interest rate policy.
This flight to safety has caused many value stocks—traditionally considered stable but slow-growing—to become highly sought after, driving their valuations higher. At the same time, tech stocks, known for their growth potential, have seen their prices drop, creating an unusual dynamic where some of the market’s most innovative companies are now trading at lower relative valuations.
This presents a unique opportunity for investors. While value stocks like Walmart, Procter & Gamble and Coca-Cola have been bid up due to their perceived safety, tech giants like Alphabet and Meta Platforms are now priced very attractively. Despite their lower valuations, these tech companies still have superior growth prospects, making this a rare moment where investors can acquire high-growth stocks at a discount, while more defensive stocks have become relatively expensive.
In this article, we’ll explore how this market dynamic has unfolded and why tech’s current pricing could be an opportunity you don’t want to miss.
Defensive Stocks Have Led the Market
If you have been following my recent write-ups you will know that I have been talking about this rotation for some time now. Below we can see that defensive ETFs such as Value, Healthcare and Utilities have held up better than Tech and the broad market over the last few months.
While it has been a good ride for those that were early in the trend, I am not sure this theme will continue much longer. In the chart above, we can see how stark the comparative valuations are now, with the tech stocks trading lower forward multiples than the value stocks.
However, the narrative has begun to shift and after several months of consolidation, tech stocks appear primed for the next leg higher. In addition to the now attractive valuations, chatter and activity surrounding Artificial Intelligence is picking up again, which should lure investors back to tech. Apple just released its newest AI enabled iPhones and Oracle’s Larry Ellison is talking about building thousands of new data centers. Ellison also said that at a dinner recently with Elon Musk and Nvidia’s Jensen Huang, that he and Elon were begging Jensen for more GPUs.
Comparative Growth Forecasts: Tech vs. Value
When we compare the earnings growth projections for tech to value the disparity is striking. Over the next 3-5 years, tech stocks are expected to deliver far superior earnings growth.
Should Investors Buy GOOGL and META Stock?
Growth forecasts clearly favor tech stocks like GOOGL and META. Their earnings are expected to compound at rates more than double that of traditional value stocks like WMT, PG, and KO. This highlights a key point: while value stocks provide stability, their limited growth potential makes them less attractive for investors seeking high returns over the long term. On top of that, tech stocks now offer better relative valuations following the recent rotation into defensive stocks, making them an even more compelling buy.
For example, GOOGL and META, despite their higher growth potential, currently trade at forward P/E multiples lower than their historical averages, as investors have become more cautious on tech. Meanwhile, WMT, PG, and KO, with slower growth prospects, are trading at elevated P/E ratios compared to their historical norms, as investors have flocked to these defensive names amid economic uncertainty.
This unusual dynamic presents a rare opportunity for investors. Buying tech stocks with high growth potential at attractive valuations can offer a combination of both growth and value. On the flip side, while value stocks provide near-term safety, they may be fully priced, with limited upside left if growth fails to materialize.
For investors, the key takeaway is that tech stocks are offering a better balance of growth potential and reasonable valuations, while value stocks, despite their recent popularity, may be nearing their upside potential.
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Zacks Investment Research
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Past performance is no guarantee of future results. Inherent in any investment is the potential for loss. This material is being provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable. All information is current as of the date of herein and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Zacks Investment Research does not engage in investment banking, market making or asset management activities of any securities. These returns are from hypothetical portfolios consisting of stocks with Zacks Rank = 1 that were rebalanced monthly with zero transaction costs. These are not the returns of actual portfolios of stocks. The S&P 500 is an unmanaged index. Visit https://www.zacks.com/performance for information about the performance numbers displayed in this press release.
Zacks Investment Research
Procter & Gamble (PG) closed the latest trading day at $177.24, indicating a +1.82% change from the previous session's end. The stock's performance was ahead of the S&P 500's daily gain of 0.13%. Meanwhile, the Dow gained 0.55%, and the Nasdaq, a tech-heavy index, lost 0.52%.
Prior to today's trading, shares of the world's largest consumer products maker had gained 3.69% over the past month. This has lagged the Consumer Staples sector's gain of 4.49% and outpaced the S&P 500's gain of 3.67% in that time.
The upcoming earnings release of Procter & Gamble will be of great interest to investors. The company's earnings report is expected on October 18, 2024. The company is forecasted to report an EPS of $1.90, showcasing a 3.83% upward movement from the corresponding quarter of the prior year. Meanwhile, the latest consensus estimate predicts the revenue to be $22.01 billion, indicating a 0.63% increase compared to the same quarter of the previous year.
In terms of the entire fiscal year, the Zacks Consensus Estimates predict earnings of $6.97 per share and a revenue of $86.07 billion, indicating changes of +5.77% and +2.41%, respectively, from the former year.
It's also important for investors to be aware of any recent modifications to analyst estimates for Procter & Gamble. These recent revisions tend to reflect the evolving nature of short-term business trends. Therefore, positive revisions in estimates convey analysts' confidence in the company's business performance and profit potential.
Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
The Zacks Rank system, ranging from #1 (Strong Buy) to #5 (Strong Sell), possesses a remarkable history of outdoing, externally audited, with #1 stocks returning an average annual gain of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed an unchanged state. As of now, Procter & Gamble holds a Zacks Rank of #3 (Hold).
Digging into valuation, Procter & Gamble currently has a Forward P/E ratio of 24.96. This indicates no noticeable deviation in contrast to its industry's Forward P/E of 24.96.
Also, we should mention that PG has a PEG ratio of 3.77. The PEG ratio is akin to the commonly utilized P/E ratio, but this measure also incorporates the company's anticipated earnings growth rate. The average PEG ratio for the Soap and Cleaning Materials industry stood at 3.42 at the close of the market yesterday.
The Soap and Cleaning Materials industry is part of the Consumer Staples sector. This industry currently has a Zacks Industry Rank of 42, which puts it in the top 17% of all 250+ industries.
The strength of our individual industry groups is measured by the Zacks Industry Rank, which is calculated based on the average Zacks Rank of the individual stocks within these groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Zacks Investment Research
While markets are trading close to all-time highs, the upside is still primarily driven by mega-cap tech stocks that are part of the artificial intelligence (AI) race, such as Oracle . However, several companies in sectors such as real estate, consumer discretionary, and energy are still trading at lower valuations, as investors are worried about slower consumer spending, elevated interest rates, and the lingering prospect of an economic slowdown.
Lululemon and Dollar Tree are two large-cap stocks trading significantly below their record highs, which could make them attractive to value and contrarian investors. However, investing in beaten-down stocks is a tricky strategy, as you need to identify whether the pullback is due to macroeconomic factors or company-specific issues.
Notably, insider buying is one data point you can use to try and identify quality stocks trading at a discount. While there may be plenty of reasons for insiders to sell a stock, there is generally only one reason that insiders buy a stock - because they think the price will rise.
Lululemon and Dollar Tree are two beaten-down stocks insiders are buying this month. Let’s see if you should also include them in your equity portfolio.
The Bull Case for LULU Stock
Lululemon Athletica , valued at $33.3 billion by market cap, designs, distributes, and retails athletic apparel and accessories. These products are sold through a chain of company-operated stores, a network of wholesale accounts such as yoga studios, health clubs, and fitness centers, license and supply agreements, and direct-to-consumer.
Down 48% from all-time highs, Lululemon stock has trailed the broader markets in recent years. In fiscal Q2 of 2024 (ended in July), Lululemon reported revenue of $2.37 billion and adjusted earnings of $3.15 per share, compared to estimates of $2.41 billion and $2.93 per share. It was the company’s first revenue miss in two years, as results were negatively impacted by slowing growth and the botched launch of a highly anticipated product.
For fiscal 2024, LULU lowered its sales guidance to a range between $10.375 billion and $10.475 billion - down from its previous midpoint estimate of $10.75 billion, and short of Wall Street's average estimate of $10.62 billion. Management also reduced its earnings forecast, which is now between $13.95 per share and $14.15 per share, compared to its previous midpoint estimate of $14.37 per share.
Lululemon CEO Calvin McDonald bought 4,000 company shares on Sept. 3 at $260 each for a total investment of $1.04 million, which might spur investor optimism. This marks the first insider buy on LULU since last March - and remarkably, McDonald's first purchase of LULU since he became CEO of the retailer in 2018.
Out of the 27 analysts covering LULU stock, 14 recommend “strong buy,” two recommend “moderate buy,” nine recommend “hold,” one recommends “moderate sell,” and one recommends “strong sell.”
The average target price for LULU is $318.57, indicating an upside potential of 20% from current levels. Priced at three times forward sales and 19 times forward earnings, LULU stock trades at a reasonable valuation.
Is Dollar Tree Stock Worth Buying?
Valued at $14.98 billion by market cap, Dollar Tree (DLTR) stock is down 60.6% from all-time highs, and recently set a new three-year low. The stock fell more than 22% on Sept. 4 after its fiscal Q2 results, as its revenue of $7.38 billion on adjusted earnings per share of $0.97 fell short of Wall Street's estimated $7.49 billion and $1.04, respectively.
Dollar Tree noted that increasing pressures on middle-and high-income customers have led to lower demand. In the last 12 months, Dollar Tree has reported revenue of $30.97 billion, an increase of 5.7% year over year, slower than its sales growth of 8% in fiscal 2024.
At the midpoint of its forecast, Dollar Tree expects revenue of $30.75 billion and earnings of $5.40 per share in fiscal 2025, lower than its previous guidance of $31.5 billion and $6.75 per share, respectively. The lower forecast reflects softer sales and costs related to converting 99 Cents Only stores and higher expenses associated with settling litigation claims related to customer accidents and other store incidents.
On Sept. 6, Dollar Tree board member and finance committee chair Daniel Heinrich, who formerly served as CFO of Clorox , purchased 2,200 shares at $68.27 for a total outlay of about $150,194. Heinrich has been purchasing DLTR at semi-regular intervals over the years - and he apparently thinks the stock is a bargain at current levels, as he upped the share count by more than double from his March 2024 purchase, when DLTR was trading around $127.85.
Out of the 21 analysts covering DLTR stock, nine recommend “strong buy,” 11 recommend “hold,” and one recommends “moderate sell,” for an overall “moderate buy” consensus.
Priced at 0.5x forward sales and 12.9x forward earnings, DLTR stock is relatively cheap. The 12-month mean target price for DLTR stock is $82.59, indicating a 14.8% upside to current prices.
On the date of publication, Aditya Raghunath did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policyhere.
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