Piper Jaffray Reiterates Overweight Rating on Target (TGT)

Piper Jaffray is out with its report on Target TGT reiterating its Overweight rating. In a note to clients, Piper Jaffray writes, "We believe 100-150 Canadian TGT stores could be as productive as U.S. stores and believe these stores could generate in excess of $0.30 of annual EPS when fully incorporated. The company also intends to pursue the sale of its credit card receivables portfolio which could fund additional share repurchases once complete. Reiterate Overweight rating and $66 price target based on 15x FY12E EPS of $4.43." TGT closed yesterday at $54.63, down 0.80% from Friday's close.