UPDATE: Citigroup Initiates Coverage on Dollar General Corp. with Buy Rating, $84 PT on Attractive Outlook

In a report published Wednesday, Citigroup analyst Alvin C. Concepcion initiated coverage on Dollar General Corp. DG with a Buy rating and $84.00 price target. In the report, Citigroup noted, “We are initiating coverage of DG with a Buy rating and an $84 target price, which represents 23% stock upside. Although much of the investor focus has been on the potential to win the Family Dollar shareholder approval to acquire FDO on 12/23 (which is an accretive deal in its current form), we believe that even without the deal that shares are attractive from a valuation standpoint.” Dollar General Corp. closed on Tuesday at $69.20.