Goldman Sachs Maintains Buy on Target

Goldman Sachs is out with its report today on Target TGT, maintaining Buy. In its report, Goldman Sachs writes, "TGT's shares have outperformed over the past two weeks of market turmoil, declining 4% vs. the 9% decline in the S&P 500. In our view, the outperformance reflects the market perceiving less risk to TGT's EPS and valuation, given the shares had already underperformed year to date. While we believe the long-term outlook for TGT is intact, we are concerned that this view may be overly optimistic in the near term, given increasing dilution from Canada. As a result, we do not view the quarterly results as a catalyst, but look for greater detail at the analyst day on Thursday, August 18, to confirm or deny our more cautious perspective." At the time of posting, shares of TGT were trading at $48.26, down 0.45% from Friday's close.