Piper Has A Positive Outlook For Target (TGT)

Piper Jaffray has retained its overweight rating for Target Corporation TGT. In its report, the research firm said that it believes that the company’s fundamentals are in line with management expectations. The company is also likely to gain market share. Target’s weekly circulars indicate that the last two weeks of June were less promotional than the first three weeks. Management also estimates that the new credit card program will add 100 bps to Q4 comps. The price target for the company has been reduced from $64 to $59 due to more conservative economic and fundamental assumptions. Its multiple has also been adjusted from 16x to 15x.