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CIBC Ups Dollar General to 'Sector Performer'

CIBC World upgraded Dollar General (DG) to sector performer.

Analyst Dan Wewer says he upgraded from sector underperformer based on a significant improvement in gross margin, inventory turn, and operating return on assets. He says first-quarter earnings per share results were 2 cents better than consensus. He says balance sheet trends are excellent, capital efficiency continues to improve, and operating return on assets rose 74 basis points sequentially to 19.7%.

Wewer raised the 84 cents fiscal 2004 (Jan) earnings per share estimate to 86 cents, and upped the 95 cents fiscal 2005 estimate to 97 cents.

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