MKM Partners Raises PT on Target (TGT) to $78, Comps Should Accelerate

February 28, 2013 10:45 AM EST Send to a Friend
Get Alerts TGT Hot Sheet
Price: $61.57 -0.74%

Rating Summary:
    6 Buy, 19 Hold, 3 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 24 | Down: 28 | New: 14
Trade TGT Now!
Join SI Premium – FREE
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.


Serious News for Serious Traders! Try StreetInsider.com Premium Free!

You May Also Be Interested In





Related Categories

Analyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT Change

Add Your Comment