UPDATE: Wedbush Raises Prices Target On Dollar Tree To $76

According to Wedbush, Dollar Tree Stores (NASDAQ: DLTR) price target is raised to $76.

Wedbush said that Dollar Tree announced a $200-million accelerated share repurchase (ASR) program. “Raising our price target to $76 (from $75), which assumes that DLTR should trade at approximately 16x our adjusted 2012 forecast of $4.50 plus revised cash of $1.80/share, or at a slight premium to our projected longer-term earnings growth rate of 15%.”

Dollar Tree Stores closed yesterday at $67.63.