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Fly News Breaks for January 23, 2018
DG
Jan 23, 2018 | 05:58 EDT
Wells Fargo analyst Edward Kelly double upgraded Dollar General to Outperform from Underperform and raised his price target for the shares to $117 from $83. Performance at the company has improved recently, and the momentum should accelerate in 2018, Kelly tells investors in a research note. He believes tax stimulus can support a comp sales gain of 3% or better and that the retailer's expense growth should moderate as it cycles costly labor investments in 2017. Further, the analyst expects Dollar General's share repurchase program to double to approximately $900M annually.
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