Target (TGT) PT Raised to $85 at Buckingham Post Q3
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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."
Shares of Target closed at $71.44 yesterday.
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