Target Corporation (NYSE:TGT) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Tuesday. The firm presently has a $63.00 target price on the retailer’s stock. Zacks Investment Research‘s price target would suggest a potential upside of 12.00% from the stock’s previous close.
According to Zacks, “Target’s initiatives such as the development of omni-channel capacities, diversification and localization of assortments along with emphasis on flexible format stores bode well for the stock that outpaced the industry in the past six months. Management plans to expand its merchandise assortments with special emphasis on Style, Baby, Kids, and Wellness categories that are performing well. Moreover, Target is also concentrating on rationalization of supply chain, technology and process improvements. These initiatives helped it to continue with its upbeat performance in fiscal 2017 as reflected from impressive second-quarter results and an encouraging earnings outlook. These endeavours are also important due to changing retail landscape that encompasses increasing online penetration and aggressive pricing that may hurt sales and margins. The company expects fiscal 2017 comparable sales growth to be in a range around flat, plus or minus 1%.”
A number of other analysts have also weighed in on TGT. UBS AG restated a “neutral” rating and set a $56.00 price objective (down from $60.00) on shares of Target Corporation in a research note on Tuesday, June 20th. BidaskClub lowered shares of Target Corporation from a “buy” rating to a “hold” rating in a research note on Saturday, August 12th. TheStreet upgraded shares of Target Corporation from a “c+” rating to a “b” rating in a research note on Thursday, September 28th. Vetr lowered shares of Target Corporation from a “buy” rating to a “hold” rating and set a $59.67 price target for the company. in a research note on Monday, August 7th. Finally, Stifel Nicolaus reiterated a “hold” rating and issued a $60.00 price target (up from $58.00) on shares of Target Corporation in a research note on Friday, August 18th. Five investment analysts have rated the stock with a sell rating, seventeen have issued a hold rating and five have assigned a buy rating to the company. The stock has an average rating of “Hold” and a consensus target price of $63.08.
Shares of Target Corporation (NYSE:TGT) traded up 2.19% during midday trading on Tuesday, reaching $57.48. 3,748,909 shares of the company’s stock were exchanged. Target Corporation has a 12-month low of $48.56 and a 12-month high of $79.33. The stock has a market capitalization of $31.40 billion, a P/E ratio of 11.61 and a beta of 0.62. The firm has a 50-day moving average of $57.57 and a 200-day moving average of $55.39.
Target Corporation (NYSE:TGT) last released its quarterly earnings data on Wednesday, August 16th. The retailer reported $1.23 earnings per share for the quarter, beating analysts’ consensus estimates of $1.20 by $0.03. The business had revenue of $16.43 billion during the quarter, compared to analyst estimates of $16.30 billion. Target Corporation had a net margin of 3.99% and a return on equity of 25.06%. Target Corporation’s revenue was up 1.6% compared to the same quarter last year. During the same period last year, the business earned $1.23 EPS. Analysts anticipate that Target Corporation will post $4.51 EPS for the current fiscal year.
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In other news, insider Hourigan Rice Jacqueline sold 4,679 shares of the business’s stock in a transaction on Friday, September 15th. The shares were sold at an average price of $59.37, for a total value of $277,792.23. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 0.20% of the stock is currently owned by insiders.
Hedge funds have recently added to or reduced their stakes in the company. Boston Private Wealth LLC lifted its holdings in shares of Target Corporation by 4.5% in the second quarter. Boston Private Wealth LLC now owns 53,455 shares of the retailer’s stock worth $2,795,000 after buying an additional 2,285 shares in the last quarter. Conning Inc. lifted its holdings in shares of Target Corporation by 2.1% in the second quarter. Conning Inc. now owns 522,523 shares of the retailer’s stock worth $27,323,000 after buying an additional 10,966 shares in the last quarter. Patten & Patten Inc. TN purchased a new position in shares of Target Corporation in the second quarter worth $234,000. Pitcairn Co. lifted its holdings in shares of Target Corporation by 92.7% in the second quarter. Pitcairn Co. now owns 23,445 shares of the retailer’s stock worth $1,226,000 after buying an additional 11,278 shares in the last quarter. Finally, Mn Services Vermogensbeheer B.V. lifted its holdings in shares of Target Corporation by 516.5% in the second quarter. Mn Services Vermogensbeheer B.V. now owns 87,730 shares of the retailer’s stock worth $4,587,000 after buying an additional 73,499 shares in the last quarter. 83.23% of the stock is currently owned by hedge funds and other institutional investors.
Target Corporation Company Profile
Target Corporation (Target) is a general merchandise retailer selling products through its stores and digital channels. Its general merchandise stores offer an edited food assortment, including perishables, dry grocery, dairy and frozen items. Its digital channels include a range of general merchandise, including a range of items found in its stores, along with an assortment, such as additional sizes and colors sold only online.
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