The Globe and Mail reports in its Friday, June 9, edition that Canaccord Genuity analyst Derek Dley has reaffirmed his "hold" recommendation for Dollarama. The Globe's David Berman writes in the Eye On Equities column that Mr. Dley, however, boosted his share target by $3 to $85. Mr. Dley tweaked his share target higher after the Canadian discount retailer reported its latest impressive quarterly results on Wednesday. Mr. Berman says the analyst's new target reflects a valuation of 26.5 times his earnings estimate of $3.20 per share for fiscal 2024, which he considers "appropriately" valued. Mr. Dley says in a note, "While we still believe in Dollarama's long-term growth profile -- a result of its lack of meaningful competition, industry-leading profitability and free cash flow generation, and healthy return on invested capital -- we believe the shares are appropriately valued given the context of its near to medium-term earnings growth outlook." Dollarama reported revenue of nearly $1.3-billion during the quarterly, higher than the average estimate from analysts and up 21 per cent from the same period last year. The increase was driven partly by the net addition of 21 new stores. Profit also beat expectations.