Truist analyst Scot Ciccarelli lowered the firm’s price target on Dollar General to $116 from $117 and keeps a Hold rating on the shares after the company’s FY23 guidance cut. The positive response in the stock reflects some investors looking to get more positive on a name that is down 60% year-to-date, the analyst tells investors in a research note. The firm contends however that Dollar General underinvested and took too much price during the pandemic, also stating that the investments it’s making to fix the issues will take a long time to bear fruit.
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