'The only scenario where DG may be a relative underperformer is if the market rapidly moves to an early cycle 'recovery,'' analysts say.
Dollar General is a defensive stock with "multiple ways" to outperform as the likelihood of recession grows, according to Morgan Stanley. Analyst Simeon Gutman upgraded shares of Dollar General to overweight, saying in a Thursday note that the defensive stock with offensive characteristics should get a boost amid greater inflationary pressures. "In a more prolonged downturn, DG should continue to outperform with material earnings and valuation upside.
The new price target represents 7% upside from Wednesday's closing price. The analyst believes Dollar General could also benefit from a trade down effect, which is on the "cusp of accelerating" as more consumers try to stretch their wallets with a cheaper basket of goods.
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