Credit Suisse Group Cuts Target (TGT) Price Target to $79.00

Target (NYSE:TGT) had its price target dropped by equities researchers at Credit Suisse Group from $94.00 to $79.00 in a research report issued on Wednesday. The brokerage presently has an “outperform” rating on the retailer’s stock. Credit Suisse Group’s price objective indicates a potential upside of 14.06% from the company’s previous close.

Other equities research analysts have also recently issued research reports about the stock. Gordon Haskett upgraded shares of Target from a “hold” rating to an “accumulate” rating in a research report on Wednesday, July 25th. Zacks Investment Research upgraded shares of Target from a “hold” rating to a “buy” rating and set a $91.00 price objective on the stock in a research report on Tuesday, August 7th. Bank of America set a $90.00 price objective on shares of Target and gave the company a “buy” rating in a research report on Wednesday, August 22nd. Buckingham Research initiated coverage on shares of Target in a research report on Thursday, November 15th. They set a “buy” rating and a $102.00 price objective on the stock. Finally, Barclays lifted their price objective on shares of Target from $70.00 to $90.00 and gave the company an “equal weight” rating in a research report on Thursday, August 23rd. One analyst has rated the stock with a sell rating, thirteen have given a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the stock. Target has a consensus rating of “Hold” and an average target price of $88.19.

Target stock opened at $69.26 on Wednesday. The company has a market cap of $36.33 billion, a PE ratio of 14.70, a P/E/G ratio of 1.90 and a beta of 0.73. The company has a current ratio of 0.83, a quick ratio of 0.17 and a debt-to-equity ratio of 1.10. Target has a 1 year low of $55.25 and a 1 year high of $90.39.

Target (NYSE:TGT) last released its quarterly earnings data on Tuesday, November 20th. The retailer reported $1.09 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.11 by ($0.02). The company had revenue of $17.59 billion for the quarter, compared to the consensus estimate of $17.81 billion. Target had a net margin of 4.31% and a return on equity of 25.02%. The company’s quarterly revenue was up 5.7% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.91 EPS. As a group, analysts anticipate that Target will post 5.4 earnings per share for the current fiscal year.

In related news, insider Stephanie A. Lundquist sold 2,100 shares of the firm’s stock in a transaction on Tuesday, October 9th. The shares were sold at an average price of $86.00, for a total value of $180,600.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Janna A. Potts sold 15,172 shares of the firm’s stock in a transaction on Monday, September 24th. The shares were sold at an average price of $88.00, for a total transaction of $1,335,136.00. The disclosure for this sale can be found here. Company insiders own 0.19% of the company’s stock.

Hedge funds have recently bought and sold shares of the stock. Sumitomo Life Insurance Co. boosted its stake in Target by 4.5% during the second quarter. Sumitomo Life Insurance Co. now owns 15,551 shares of the retailer’s stock worth $1,184,000 after buying an additional 671 shares during the period. USS Investment Management Ltd boosted its stake in Target by 0.5% during the second quarter. USS Investment Management Ltd now owns 390,000 shares of the retailer’s stock worth $29,687,000 after buying an additional 2,100 shares during the period. Randolph Co Inc purchased a new position in Target during the second quarter worth $15,000,000. Acadian Asset Management LLC purchased a new position in Target during the second quarter worth $483,000. Finally, Meeder Asset Management Inc. boosted its stake in Target by 45.8% during the second quarter. Meeder Asset Management Inc. now owns 56,282 shares of the retailer’s stock worth $4,284,000 after buying an additional 17,685 shares during the period. 83.13% of the stock is owned by hedge funds and other institutional investors.

About Target

Target Corporation operates as a general merchandise retailer in the United States. The company offers beauty and household essentials, including beauty products, personal and baby care products, cleaning products, paper products, and pet supplies; food and beverage products, such as dry grocery, dairy, frozen food, beverage, candy, snacks, deli, bakery, meat, and produce products; and apparel for women, men, boys, girls, toddlers, infants, and newborns, as well as intimate apparel, jewelry, accessories, and shoes.

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Analyst Recommendations for Target (NYSE:TGT)

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