-- 独立研究机构CFRA向提供了以下研究报告。CFRA的分析师总结如下：我们将DLTR未来12个月的目标股价从100美元下调至85美元，约为2027财年（1月）每股收益预期6.49美元的13倍（此前预期为6.67美元，低于DLTR此前给出的6.50美元至6.90美元的指引范围）。我们将2028财年的每股收益预期从7.23美元下调至7.09美元。这一市盈率较该公司18倍的长期平均预期市盈率存在显著折让。鉴于该公司推出多价位定价模式所带来的风险，我们认为这一折让是合理的。我们认为，多价位定价模式会加剧市场竞争，使DLTR难以维持流量增长。我们还注意到，2027财年盈利增长受到一些一次性或暂时性因素的提振，包括多价位商品推广带来的重新贴标成本降低，以及剥离Family Dollar业务后TSA收入的增加。此外，过去一年对盈利增长起到显著推动作用的运费成本，目前正处于逆势增长阶段。我们预计，随着财年的推进，运费上涨将成为更大的不利因素，并可能对利润率和每股收益产生下行影响。
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