The firm downgraded shares to underweight from neutral, saying low-to middle-income shoppers are under strain from diminishing savings and higher costs.
It's time to dump shares of Dollar General as consumers come under increasing pressure, according to JPMorgan. Analyst Matthew R. Boss downgraded shares to underweight from neutral, saying the company's core low-to middle-income shopper is under strain from diminishing savings and rising inflation. The downgrade comes after JPMorgan hosted a recent fireside chat with Dollar General finance chief Kelly Dilts.
"Compounding matters, management sees excess savings for the middle-income cohort on pace to be depleted by the end of Fall '23" because of student loan repayments, higher interest rates and rising fuel prices, Boss added. DG 1D mountain Dollar General shares 1-day All this charts an uncertain path forward for Dollar General, the analyst said. Shares are already lower this year by more than 50%, and have plunged roughly 16% just this month. On Aug.
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