Dollar General upgraded on CEO appointment, guidance update: 5 big analyst picks
Investing.com — Here is your Pro Recap of the biggest analyst picks you may have missed since yesterday: a Buy initiation at Groupon, and upgrades at Dollar General, Applied Materials, Macy's, and Immunovant.
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Dollar General upgraded to Buy on CEO appointment & updated guidance
Gordon Haskett upgraded Dollar General (NYSE:DG) to Buy from Hold and raised its price target to $140.00 from $115.00, as reported in real-time on InvestingPro.
Following the company's recent announcements, which included Todd Vasos's reappointment as CEO and updated financial guidance, Dollar General's shares surged more than 7% in pre-market today.
It's worth noting that Vasos, currently serving on the board, was previously the CEO from June 2015 to November 2022. On the financial front, Dollar General updated its guidance. For fiscal 2023, the retailer now anticipates net sales growth between 1.5% to 2.5%, adjusting from the previously projected 1.3% to 3.3%. Furthermore, the EPS forecast has been narrowed to a range of $7.10 to $7.60, down from the previous $7.10 to $8.30 range.
Groupon started with a Buy Rating
Roth/MKM initiated coverage on Groupon (NASDAQ:GRPN) with a Buy rating and a price target of $30.00. As a result, shares gained nearly 7% pre-market today.
According to the analysts, Groupon's financial performance took a hit during COVID and the reopening when cash-flush consumers and service merchants with limited staff reduced promotional activities. “Now, with consumers weary of high inflation amid growing signs of recession, we expect demand for Groupon to rise,” commented the analysts.
The management's advancement of its turnaround plan, combined with cost cuts, strong gross margins, and robust cash flow, is expected to result in a sharp rebound in valuation.
Three more upgrades
Applied Materials (NASDAQ:AMAT) shares rose more than 1% pre-market today after Needham upgraded the company to Buy from Hold with a price target of $180.00.
CFRA upgraded Macy’s (NYSE:M) to Buy from Hold with a price target of $19.00.
UBS upgraded Immunovant (NASDAQ:IMVT) to Buy from Neutral and raised its price target to $55.00 from $18.00. As a result, shares gained more than 2% pre-market today.
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