Dollar General rises after J.P.Morgan upgrades rating to 'overweight'

Shares of discount retailer Dollar General DG.N rise nearly 2% to $135.9 premarket

J.P.Morgan upgrades the stock rating to "overweight" from "neutral"; raises PT to $166 from $128

Expects DG to continue growing sales in existing stores over the next few years

This growth will come from opening new stores, upgrading and remodeling current ones, and making changes like reorganizing products and improving value for customers, says brokerage

The company also benefits from a favorable macro backdrop for its core consumer and from trends where shoppers either trade up or trade down to different price points - JPM

Average rating of 30 analysts is "buy"; median PT $130 - data compiled by LSEG

As of last close, shares up nearly 76% YTD