MKM Partners Remains Sidelined on Target (TGT) and Wal-mart (WMT) Ahead of 2Q Reports
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MKM Partners reiterated Neutral ratings on both Target (NYSE: TGT) and Wal-mart (NYSE: WMT) ahead of 2Q results. Price targets for both companies have been raised, with TGT up to $78.00 (from $73.00) and WMT to $71.00 (from $67.00).
Analyst Patrick McKeever commented, "Both stocks have been strong recently along with the rest of retail and the market, but we don't think much has changed fundamentally. We wouldn't be surprised by upside EPS at Walmart but think the potential for improving comps is greater with Target, given new merchandise lines in children's, improvements in grocery, and benefits from the CVS (NR, $97.43) partnership. We note the 3+ point valuation gap, with TGT at 13.5x our 2017 EPS estimate and WMT at 16.6x."
Shares of Target closed at $75.81 yesterday.
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