Target (TGT) PT Raised to $85 at Buckingham Post Q3

November 16, 2016 1:52 PM EST
Get Alerts TGT Hot Sheet
Price: $65.39 -2.18%

Rating Summary:
    7 Buy, 21 Hold, 4 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 23 | Down: 34 | New: 34
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Buckingham Research analyst John Zolidis reiterated a Buy rating and raised his price target on Target (NYSE: TGT) to $85.00 (from $79.00) following strong Q3 results.

Zolidis commented, "TGT is reporting improving sales trends and EPS growth despite headwinds including e-commerce encroachment, a highly promotional environment, choppy consumer spending and unfavorable weather. We believe this reflects better execution, the introduction of new product (Cat & Jack, Pillowfort) in key categories, and the attractiveness of Target’s assortment (wants and needs together). The company is also winning on-line with 26% E-commerce growth in the quarter. Meanwhile, from a valuation standpoint, we believe the shares are attractive given TGT’s unrecognized real estate ownership (could = equity value), FCF per share > EPS, 3.1% dividend yield, and rising ROIC and ROE. We advise clients to remain long/buy Target shares."

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 $71.44 yesterday.

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