Target (TGT) Bullish Stance Maintained at Piper Jaffray Following Analyst Meeting

Piper Jaffray analyst Sean Naughton reiterated an Overweight rating and $62 price target on Target (NYSE: TGT) following the company's sell-side analyst meeting. The analyst said while head-winds remain they expect to see improvement over the next couple of quarters.

Naughton commented, "We are updating our thoughts on Target following the company's sell-side analyst meeting on Friday attended by John Mulligan, Kathee Tesija, Carl Casey and John Hulbert. Management spoke to the company's opportunities, mistakes and strategies to push forward during the search for a permanent CEO. Operational challenges in Canada are far from over, but management sounded confident in their ability to address prior operational missteps. Within the U.S., management spoke to investments in digital and needing to add newness to stores to improve traffic. We are maintaining our Overweight rating at this time, but it is difficult to point to a near or even medium-term catalyst for the stock. There are several significant headwinds to Target's earnings, namely U.S. traffic and Canadian dilution, but we do expect to see some improvement over the next couple of quarters."

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 $56.76 yesterday.

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