Target (TGT) PT Lifted to $68 at Piper Jaffray Post Q2
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Rating Summary:
25 Buy, 19 Hold, 1 Sell
Rating Trend: Up
Today's Overall Ratings:
Up: 10 | Down: 12 | New: 7
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Piper Jaffray analyst Sean Naughton reiterated an Overweight rating and boosted his price target on Target (NYSE: TGT) to $68.00 (from $63.00) following Q2 results in-line with the preannouncement and positive U.S. comps.
Naughton commented, "Target's Q2 results were largely in-line with August 5th guidance and as expected, full year guidance was cut. Canada remains challenging for both topline and margin, and the company remains focused on trying to fix the business. The U.S. continues to recover from last year's data breach with the costs now in the rear view mirror and transaction trends getting less worse. We are sticking with our Overweight rating as we are encouraged by positive comp trends for the last six weeks, the potential to exit
Canada for a low incremental cost relative to the current cash drain, and the company's real estate assets, which provide a valuation backstop."
The firm lowered FY 2015 EPS from $2.85 to $2.75 and FY 2016 EPS from $3.76 to $3.57.
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 $60.33 yesterday.
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