Low-income consumers could be in for a lift — and companies serving them could benefit, according to JPMorgan. Dubravko Lakos-Bujas, the bank’s head of equity strategy, said the White House’s current affordability efforts have had “limited impact” so far. But he said President Donald Trump ‘s administration could ramp up its work on this front heading into the midterm election season. “A shift in policymaking towards affordability has favored value-oriented themes as the administration positions itself ahead of the November midterm elections,” Lakos-Bujas wrote to clients. Lakos-Bujas reiterated his tactical preference for stocks that are sensitive to the low-end consumer, a group that’s been buckling under years of higher-than-preferred inflation rates. He listed tax cuts in the “big beautiful bill” and sliding gasoline prices among reasons for optimism. The strategist also pointed to Trump’s efforts to temporarily cap credit card rates and block institutions from buying houses as signs of his focus on affordability. JPMorgan identified U.S. companies with exposure to lower-income consumers. Here’s some that made the list: Value retailers Dollar General and Dollar Tree were both included in the basket. Both stocks are coming off massive years: Dollar General shares surged around 75% in 2025, while Dollar Tree jumped more than 64%. The average analyst polled by LSEG has a buy rating on Dollar General but a hold on Dollar Tree. Both are expected to pull back by around 4% in the next year. DG DLTR 1Y mountain Dollar General vs. Dollar Tree, 1-year Artificial intelligence-powered loan provider Upstart Holdings also made it in. Unlike the dollar store stocks, shares are coming off a rough patch by finishing 2025 down 29%. However, Wall Street sees a rebound ahead. The typical analyst surveyed by LSEG has a buy rating and an average price target suggesting more than 35% in upside.
