Jefferies Remains Sidelined on Target (TGT) Following 3Q - PT to $75
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Jefferies reiterated a Hold rating on Target (NYSE: TGT), and raised the price target to $75.00 (from $72.00), following the company's 3Q earnings report. Electronics & entertainment underperformed, but Q3 improved with new product introductions. Pharmacy scripts in the CVS business at Target continue to run below initial expectations, but are starting to show signs of improvement with increased marketing.
Analyst Daniel Binder commented, "Today’s EPS beat off low expectations drew a rally in the shares, but mgmt. still needs to figure out how to solve its traffic problem and the imbalance between signature categories and the rest of the store. Food & consumables pricing remains intense while deflation continues to amplify problems. Meanwhile, we think a swing in electronic comps could show meaningful improvement in comps in Q4, albeit lower margin."
Shares of Target closed at $76.03 yesterday.
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst PT Change
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