Citi Reiterates Buy, Price Target On Target After Store Visit (TGT)

Citi Investment Research is reiterating its $75 price target on shares of Target TGT and Buy rating after Citigroup visited Target's East Harlem store on Friday. In a note to clients, Citi writes, "Target's new East Harlem store incorporates the latest elements of the P-Fresh store format and contains a localized assortment that meets the needs of the area's urban consumers. We were impressed by the high traffic levels in all areas of the store and believe that the merchandise reinventions are encouraging consumers to shop more categories. We believe that TGT's new and remodeled stores are exceeding management's expectations in terms of sales and profitability, and we reiterate our Buy rating and $75 tgt. price." Shares of Target are down this morning, trading down $1.02 to $50.73.