UPDATE: Piper Jaffray Reduces PT to $49 on Dollar General on Lower-Income Job Growth Contraction

Piper Jaffray reiterated its Overweight rating on Dollar General

but reduced its price target from $61 to $49. Piper Jaffray said, "Despite the disappointing Q4 guidance due to increased competition and a tough macro, we are standing by our rating due to the high quality of the management team and our belief that the stock represents a favorable risk/reward at these levels. However, … we are cognizant that lower income job growth continues to contract vs. upper income job growth and with this in mind we will be carefully monitoring the December jobs data to determine if our thesis needs to be revisited." Dollar General closed at $42.94 on Tuesday.