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Dollarama Price Target Raised to $228 at CIBC

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CIBC Capital Markets raised its price target on Dollarama Inc. (DOL.TO) to $228 from $202 on Friday.

Analyst Mark Petrie maintained an Outperformer rating on shares of the Canadian retail chain following its quarterly results.

"Dollarama's FQ1 results were well above expectations across the board," Petrie said in a note to clients. "Same-store sales (SSS) growth posted a sharp rebound and margins outperformed, while Dollarcity continues to deliver stellar growth."

"We are not inclined to over-analyze short-term results from Australia, but there is tangible progress as DOL product is hitting shelves," the analyst said.

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Dollarama Price Target Raised to $228 at CIBC | FINWIRES