Dollar Tree downgraded at Gordon Haskett on new CEO announcement
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Dollar Treeâs (NASDAQ:DLTR) CEO transition is likely to keep a lid on 2023 earnings, according to Gordon Haskett.

Prior to Tuesdayâs opening bell, the discount retailer announced that CEO Mike Witynski will leave his role atop the company and also step away from the board effective January 29. Executive Chairman Rick Dreiling will assume the CEO position in addition to his board role as of the same date.

For Gordon Haskett, this sudden shift ahead of an expected earnings report in early March portends poorly for the stock. In fact, equity analyst Chuck Grom expects an earnings reset as the newly named executive seeks to clear the deck.

As such, he downgraded the stock amid an uncertain macro backdrop and executive transition. Grom now holds an âaccumulateâ rating, reduced from a prior Buy. He holds a $163 price target for the stock.
Shares of Dollar Tree (DLTR) dipped 2.03% on Tuesday.