UPDATE: BMO Capital Downgrades Dollar General (DG) to Market Perform
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BMO Capital analyst Kelly Bania downgraded Dollar General (NYSE: DG) from Outperform to Market Perform with a price target of $265.00.
The analyst comments "We are downgrading DG to Market Perform. We believe valuation is close to peak levels on recessionary comps. Despite our belief that DG's execution remains strong and our expectation for an acceleration in comps as DG benefits from a more price sensitive environment, we believe this strong outlook is accurately reflected in the shares at this time. Furthermore, we see modest risks making it difficult for us to push our target price to our upside/bull case. Our TP remains $265, now ~20-21x our higher F24E (cal 2023) EPS of $13.05."
Shares of Dollar General closed at $253.30 yesterday.
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