MKM Partners Raises PT on Target (TGT) to $78, Comps Should Accelerate
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Price: $69.72 +1.53%
Rating Summary:
11 Buy, 11 Hold, 0 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 11 | Down: 18 | New: 13
Rating Summary:
11 Buy, 11 Hold, 0 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 11 | Down: 18 | New: 13
Trade TGT Now!
MKM Partners raised its price target on Buy-rated Target (NYSE: TGT) from $73 to $78 following Q4 results.
Analyst Patrick McKeever said while FY13 appears to be off to a slow start due to later tax refunds and winter storms, the company "has a a number of exciting merchandising initiatives on tap, looks very well positioned for its upcoming Canada debut and will realize about $6 billion for debt reduction and buybacks on the close of its credit portfolio sale (expected to occur in 1Q13). "
Comps should accelerates throughout the year the firm notes. Q1 comps will rise only 1% as Target cycles through a tough 5.3% comparison, but they expect gradual acceleration to the 4% area by 4Q13.
MKM cut FY13 adjusted EPS estimate from $5.22 to $4.99.
For an analyst ratings summary and ratings history on Target click here. For more ratings news on Target click here.
Shares of Target closed at $63.12 yesterday, with a 52 week range of $54.68-$65.80.
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Analyst Patrick McKeever said while FY13 appears to be off to a slow start due to later tax refunds and winter storms, the company "has a a number of exciting merchandising initiatives on tap, looks very well positioned for its upcoming Canada debut and will realize about $6 billion for debt reduction and buybacks on the close of its credit portfolio sale (expected to occur in 1Q13). "
Comps should accelerates throughout the year the firm notes. Q1 comps will rise only 1% as Target cycles through a tough 5.3% comparison, but they expect gradual acceleration to the 4% area by 4Q13.
MKM cut FY13 adjusted EPS estimate from $5.22 to $4.99.
For an analyst ratings summary and ratings history on Target click here. For more ratings news on Target click here.
Shares of Target closed at $63.12 yesterday, with a 52 week range of $54.68-$65.80.
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