Millennials are getting older and many of them are becoming parents, observes growth stock specialist Mike Cintolo, editor of Cabot Top Ten Trader.

An estimated 4.3 million millennials (anyone born between 1981 and 1997) turned 30 this year, with many settling into the suburban family lives they tried so hard to resist in their 20s.

That's been good news for baby-clothes retailer Carter's (CRI). The company handily beat first-quarter earnings estimates last month, posting a 33% improvement in earnings per share.

It was the seventh straight quarter Carter's has beaten consensus earnings expectations, a reflection of the sudden baby boom.

Sales in the company's OshKosh B'Gosh segment have been the major driver as revenues jumped 15% last quarter. That growth was fueled in part by the opening of eight new stores; all told, Carter's opened 20 new retail locations in the first quarter, bringing its US total to 549 stores.

The company's expansion is in line with its recent financial growth: Carter's EPS has improved every year since 2011 and sales have grown every year since 2006. As more millennials become parents, Carter's should continue to capitalize.

CRI has done well since late February, vaulting from $81 to $90 in early March, topping $93 later that month, and making the leap above $100 after the earnings beat in early May.

There have been dips along the way, but nothing that has threatened the 50-day moving average, which currently sits just under $94. The 25-day moving average, now at $96, has provided solid support since February.

With volume picking up in the last two weeks, momentum should continue to carry CRI. The stock has already pulled back below $100 in the last week, setting up a nice entry point. You can buy some here and use a stop in the mid-$90s.

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