Target Receives New Coverage from Analysts at Morgan Stanley (TGT)
Investment analysts at Morgan Stanley assumed coverage on shares of Target (NYSE:TGT) in a note issued to investors on Monday. The firm set an “underweight” rating and a $60.00 price target on the stock. Morgan Stanley’s price target indicates a potential upside of 2.70% from the stock’s previous close.
TGT has been the subject of a number of other recent research reports. Analysts at BMO Capital Markets cut their price target on shares of Target from $75.00 to $65.00 in a research note on Tuesday, June 3rd. Separately, analysts at Janney Montgomery Scott reiterated a “fair value” rating on shares of Target in a research note on Thursday, May 22nd. They now have a $54.00 price target on the stock, down previously from $67.00. Finally, analysts at Deutsche Bank cut their price target on shares of Target from $60.00 to $58.00 in a research note on Thursday, May 22nd. Five analysts have rated the stock with a sell rating, nine have assigned a hold rating and seven have issued a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average target price of $63.79.
Target (NYSE:TGT) traded up 0.22% during mid-day trading on Monday, hitting $58.42. 3,749,116 shares of the company’s stock traded hands. Target has a 52 week low of $54.66 and a 52 week high of $73.50. The stock’s 50-day moving average is $57.74 and its 200-day moving average is $59.60. The company has a market cap of $37.021 billion and a P/E ratio of 19.69.
Target (NYSE:TGT) last issued its quarterly earnings data on Wednesday, May 21st. The company reported $0.70 EPS for the quarter, missing the Thomson Reuters consensus estimate of $0.71 by $0.01. The company had revenue of $17.05 billion for the quarter, compared to the consensus estimate of $17.02 billion. During the same quarter in the prior year, the company posted $0.77 earnings per share. The company’s quarterly revenue was up 2.1% on a year-over-year basis. On average, analysts predict that Target will post $3.69 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which is scheduled for Wednesday, September 10th. Stockholders of record on Wednesday, August 20th will be given a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a yield of 3.56%. The ex-dividend date of this dividend is Monday, August 18th. This is a boost from Target’s previous quarterly dividend of $0.43.
Target Corporation sells a range of assortment of general merchandise and food in its stores. The Company’s general merchandise and CityTarget stores offer a food assortment on a smaller scale and its SuperTarget stores offer a line of food items comparable to traditional supermarkets.
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