Dollar Tree (DLTR) shares are soaring 5.04% in pre-market trading on Thursday, following a series of positive analyst actions, most notably an upgrade from JP Morgan. The discount retailer's stock is gaining momentum as Wall Street becomes increasingly optimistic about its prospects.

JP Morgan raised its rating on Dollar Tree from Neutral to Overweight, significantly boosting its price target from $72 to $111. This upgrade was accompanied by a wave of price target increases from other major financial institutions. Truist Securities raised its target to $109 from $100, while Deutsche Bank and Telsey Advisory Group both set new targets at $100, up from $90 and $95 respectively. Barclays, Bernstein, and Morgan Stanley also adjusted their price targets upward.

The positive analyst sentiment appears to be driven by Dollar Tree's recent strong sales performance. One report mentioned that Dollar Tree, along with its peer Dollar General, has been benefiting from an influx of middle- and upper-income customers, boosting sales. This trend suggests that the company's value proposition is resonating with a broader customer base in the current economic environment. As Wall Street recalibrates its expectations for Dollar Tree's growth potential, investors are responding by driving the stock price higher.