As previously reported, BofA double upgraded Dollar General (DG) to Buy from Underperform with an unchanged price target of $95, citing multiple early signs that the company’s “Back-to-Basics” strategy is working. These include significantly improved inventory positioning; in-stock levels up a strong 180 basis points from last year, supporting sales upside; in-store customer satisfaction surveys up 900 basis points since Q1, which implies customers are responding to store execution; and merchandising initiatives outperforming.
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