Target (TGT) Making Progress in Canada, Piper Jaffray Survey Shows

Target (NYSE: TGT) is gaining traction in Canada, according to a new survey from Piper Jaffray.

"After surveying 5,000 Canadian women in September, we believe Target's Canadian traffic and consumer perception are improving," analyst Sean Naughton noted. "While we think Canadian results are far from where they need to be, we do believe the business is heading in the right direction. 52% of survey respondents have shopped at a Target in Canada within the last 12 months, up from 43% in March and 40% in December."

Naughton said he is most encouraged by the increased percentage of respondents who shop frequency categories. This efforts
to convince Canadian's to shop less-discretionary parts of the store are beginning to resonate.

"Overall, we believe Target is making progress, but we are not certain the economics of the market will ever be compelling enough to keep the stores open," the analyst said.

Piper Jaffray Overweight price target of $68.00

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 $60.65 yesterday.

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