The circumstances around JPMorgan’s downgrade of Dollar General (DG) appear “highly unusual,” CNBC’s Jim Cramer said Wednesday.
said Wednesday, suggesting investors should heed the firm's call and stay clear of the retailer's stock.
JPMorgan on Wednesday lowered its rating on Dollar General to the equivalent of a sell, from hold, and cut its price target to $116 per share, from $132. The downgrade from veteran retail analyst Matthew Boss followed a meeting with Dollar General's CFO that painted a challenging financial picture of the company's core low-end consumer.
"They had a fireside chat. They went from hold to sell. Highly unusual," Cramer said on"Squawk on the Street." He added later,"I would not own this."
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