Target Rating Increased to Market Perform at Cowen and Company (TGT)
Target (NYSE:TGT) was upgraded by research analysts at Cowen and Company from an “underperform” rating to a “market perform” rating in a report released on Thursday, TheFlyOnTheWall.com reports.
Other equities research analysts have also recently issued reports about the stock. Analysts at Zacks downgraded shares of Target from a “neutral” rating to an “underperform” rating in a research note on Friday, July 4th. They now have a $54.00 price target on the stock. Separately, analysts at Morgan Stanley initiated coverage on shares of Target in a research note on Monday, June 23rd. They set an “underweight” rating and a $60.00 price target on the stock. Finally, 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. Six equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and five have given a buy rating to the stock. The company has an average rating of “Hold” and a consensus target price of $62.65.
Target (NYSE:TGT) opened at 61.38 on Thursday. Target has a 1-year low of $54.66 and a 1-year high of $72.07. The stock has a 50-day moving average of $59.16 and a 200-day moving average of $58.9. The company has a market cap of $38.897 billion and a price-to-earnings ratio of 20.74. Target also was the recipient of a large increase in short interest in July. As of July 15th, there was short interest totalling 34,706,593 shares, an increase of 17.2% from the June 30th total of 29,618,841 shares. Approximately 5.5% of the company’s shares are sold short. Based on an average daily volume of 4,006,739 shares, the short-interest ratio is presently 8.7 days.
Target (NYSE:TGT) last announced its earnings results on Wednesday, May 21st. The company reported $0.70 earnings per share (EPS) for the quarter, missing the 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 previous year, the company posted $0.77 earnings per share. The company’s revenue for the quarter was up 2.1% on a year-over-year basis. On average, analysts predict that Target will post $3.68 earnings per share for the current fiscal year.
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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