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

February 28, 2013 10:45 AM EST Send to a Friend
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Price: $60.79 +0.15%

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    7 Buy, 18 Hold, 3 Sell

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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.




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

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