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: $76.83 -0.09%

Rating Summary:
    6 Buy, 20 Hold, 2 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 15 | Down: 38 | New: 13
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 Premium Free!

You May Also Be Interested In

Related Categories

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

Add Your Comment