Target (TGT) Estimates and PT Raised at Stifel on Stimulus
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Stifel analyst Mark S. Astrachan raised the price target on Target (NYSE: TGT) to $230.00 (from $220.00) while maintaining a Buy rating reflecting increased EPS estimates driven mainly by an anticipated benefit from government stimulus, especially in discretionary categories. We also continue to view share gains across most categories as sustainable, aided by digital (18% of F2020 sales). EPS for FY21 increases to $8.49 from $8.23.
The analyst stated "Within digital, outperformance in same-day services continues, driven by investments in pickup/driveup/Shipt. We estimate same-day accounted for 43% of digital sales in 2020, up from 30% in 2019 and 20% in 2018, driving the majority of digital growth. Relatedly, our consumer spending survey indicates Target consumers are ~40% more likely to be users of at least one same-day service compared to overall respondents, with frequency of use also above average levels. This is notable as same-day likely has a higher recurrence/usage rate than traditional shopping channels given its convenience. It is also more economical for Target."
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