UPDATE: Jefferies Downgrades Dollar Tree to Hold on Decelerating Comps

Jefferies reduced its rating on Dollar Tree DLTR from Buy to Hold and lowered its price target from $58 to $41. Jefferies commented, "We have lowered our rating to Hold to reflect decelerating sales. After a period of multiple expansion, the P/E is now contacting and may continue to. Consumer uncertainty may be part of the problem, but increased competition, increased capacity in the industry, slowing benefits from cooler rollout and tough comparisons may also be contributing." Dollar Tree closed at $43.28 on Thursday.