Dollar Tree (DLTR) stock is soaring 5.04% in pre-market trading on Thursday, following a series of positive analyst actions. The discount retailer's shares are gaining momentum as several Wall Street firms express increased confidence in the company's prospects.

The most significant catalyst appears to be JP Morgan's upgrade of Dollar Tree from Neutral to Overweight, coupled with a substantial price target increase from $72 to $111. This bullish stance is further supported by numerous other firms raising their price targets, including Truist Securities (to $109), Deutsche Bank (to $100), Barclays (to $95), and Morgan Stanley (to $96).

These positive revisions come in the wake of Dollar Tree's recent financial performance and strategic initiatives. The company, along with its peer Dollar General, reported earlier this week that an influx of middle- and upper-income customers was boosting sales. This trend, combined with the retailer's efforts to optimize its product mix and pricing strategy, appears to be resonating well with analysts and investors alike.