Target Corp. Rating Lowered to Underperform at Bank of America Corp. (TGT)
Target Corp. (NYSE:TGT) was downgraded by investment analysts at Bank of America Corp. from a “neutral” rating to an “underperform” rating in a note issued to investors on Thursday, American Banking News.com reports. They currently have a $60.00 target price on the stock, down from their previous target price of $70.00. Bank of America Corp.’s price target points to a potential downside of 5.23% from the stock’s previous close.
The analysts wrote, “We rate TGT shares Underperform as we believe 1) Target’s core comps (excluding traffic driving initiatives such as P-Fresh & 5%-off Red Card Rewards) could continue to remain weak, 2) continued challenges with the U.S. profit model as RED Card and P-Fresh initiatives put pressure on gross margin and store level SG&A. Additionally, the profit ramp-up in Canada could continue to be slower than anticipated.”
In other Target Corp. news, Insider Anthony Fisher sold 4,415 shares of the company’s stock in a transaction that occurred on Friday, November 29th. The shares were sold at an average price of $63.93, for a total transaction of $282,250.95. Following the sale, the insider now directly owns 23,045 shares of the company’s stock, valued at approximately $1,473,267. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.
TGT has been the subject of a number of other recent research reports. Analysts at Deutsche Bank reiterated a “hold” rating on shares of Target Corp. in a research note to investors on Friday, November 22nd. They now have a $61.00 price target on the stock, down previously from $64.00. Separately, analysts at Jefferies Group reiterated a “hold” rating on shares of Target Corp. in a research note to investors on Friday, November 22nd. They now have a $63.00 price target on the stock. Finally, analysts at Merrill Lynch downgraded shares of Target Corp. from a “neutral” rating to an “underperform” rating in a research note to investors on Friday, November 22nd. Six analysts have rated the stock with a sell rating, twelve have issued a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company. The company currently has an average rating of “Hold” and an average price target of $69.86.
Shares of Target Corp. (NYSE:TGT) traded down 0.52% during mid-day trading on Thursday, hitting $62.98. 2,958,435 shares of the company’s stock traded hands. Target Corp. has a one year low of $58.01 and a one year high of $73.50. The stock’s 50-day moving average is $64.83 and its 200-day moving average is $67.1. The company has a market cap of $39.788 billion and a P/E ratio of 16.95. Target Corp. also was the target of unusually large options trading activity on Monday. Stock traders acquired 16,910 put options on the company. This is an increase of 131% compared to the typical daily volume of 7,324 put options.
Target Corp. (NYSE:TGT) last posted its quarterly earnings results on Thursday, November 21st. The company reported $0.84 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.63 by $0.21. The company had revenue of $17.26 billion for the quarter, compared to the consensus estimate of $17.38 billion. During the same quarter in the previous year, the company posted $0.81 earnings per share. The company’s revenue for the quarter was up 1.9% on a year-over-year basis. Analysts expect that Target Corp. will post $3.62 EPS for the current fiscal year.
Target Corporation (NYSE:TGT) operates in three segments: U.
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