Ackman Said Target (TGT) Is Extraordinarily Cheap
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At the Value Investing Congress today, activist investor William Ackman, founder of hedge fund Pershing Square Capital, said he loves Target (NYSE: TGT) and he called the stock "extrodinarily cheap."
Ackman said he now has a larger position in the retailer.
In a July 13D filing, Pershing Square controlled a 9.6% stake in Target, mostly through options. His latest filing showed Ackman owned about 3.5 million common shares of Target, or about 0.42% of the stock.
It is not clear, from his comments, if Ackman bought common or more options.
Following the involvement of Ackman in the stock, Target said they would review alternatives for their credit card receivables. The review is ongoing.
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