BofA lowered the firm’s price target on Dollar General to $130 from $155 and keeps an Underperform rating on the shares as the firm lowers its FY24 EPS estimate to $8.00 from $10.10 after the company’s miss and lower report in Q2. The firm sees gross margin recovery opportunities into 2024 and beyond, but believes store labor investments will remain structurally elevated, which could pressure earnings if Dollar General does not return to positive traffic growth in fiscal Q4 and into next year, the analyst tells investors.
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