BofA Securities Reiterates Buy Rating on Target (TGT)
BofA Securities analyst Robert Ohmes reiterated a Buy rating and $190.00 price target on Target (NYSE: TGT)
The analyst comments "We reiterate our Buy. While near-term sales remain pressured, we believe TGT’s focus on value positions it well for share gains going forward. Recently announced price investments, changes to the Target Circle 360 rewards program, and several new Owned Brand launches focused on value & entry level price points should support an improving value perception. We believe improving comp sales trends and continued GM expansion will more than offset potential risks including: (1) continued or worsening discretionary sales trends, (2) competition in same-day delivery, and (3) credit card profit sharing pressure. Our PO of $190 is based on 18-19x our F26E EPS of $10.35."
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Shares of Target closed at $143.27 yesterday.