Citi Initiates Coverage of Target Corporation with Buy and PT of $64

Citi initiated coverage of Target Corporation TGT with a Buy rating and a price target of $64. In a research report published today, Citi states, "While there are many compelling aspects to the TGT story over the next several years (including TGT's Canada entry and potential credit card portfolio sale), we believe macro issues and initial dilution from TGT's Canada strategy will be overhangs on the stock in the near- term. We assign TGT a Buy (1M) rating and $64 target price." On Thursday, Target closed the day at $49.41.