Target (TGT) PT Raised to $107 at RBC Capital

RBC Capital analyst Steven Shemesh raised the price target on Target (NYSE: TGT) to $107.00 (from $104.00) while maintaining an Outperform rating.

The analyst commented: "Over the past few years, TGT's competitve positioning vs. peers has worsened in key areas such as supply chain capabilities (particularly as it relates to e-commerce), merchandise assortment, and the customer experience. The leadership transition serves as an opportunity for TGT to address some of these issues. We're hopeful that the Company announces a reinvestment cycle and re-bases 2026 EPS lower, which in our view would make the story attractive to investors. The liklihood of this scenario will, however, remain debated as current CEO, Brian Cornell, is transitioning to Executive Chair of the Board and incoming CEO, Michael Fiddelke, was a key part of the strategic planning process over the last few years. We adjust our 3Q comp estimate to -1.0% (-3.0% prior) and adj. EPS estimate to $1.58 ($1.57 prior). For 2025/2026, we now model comp sales -1.9%/ +1.4% (-3.1%/+1.3% prior) and adj. EPS $6.92/$7.67 ($6.85/$7.41 prior). Our PT comes up slightly to $107 ($104 prior) based on ~14x our revised 2026 adj. EPS estimate of $7.67."

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