Citi Reiterates Buy on Target (TGT)

Citi is out with a report on Target TGT, reiterating its Buy rating on TGT after the announcement of Tony Fisher as the President of Target Canada. In a note to clients, Citi writes, "TGT has promoted Tony Fisher to President of Target Canada, reporting to Michael Francis, Chief Marketing Officer and Executive Committee Sponsor of Target Canada. Recall, last week, TGT announced that it acquired leasehold interests in up to 220 sites from Zellers Inc. and plans to open 100 to 150 Target stores across Canada beginning in 2013. We are pleased that TGT is moving quickly to create the organization and infrastructure needed to support the company's entry into Canada and reiterate our Buy (1M) rating for TGT. TGT is one of our top picks for 2011." Citi has a $72 PT on TGT. TGT is trading pre-market at $54.56, up 0.06% from yesterday's close.