Target Corp.'s TGT $0.68 Q3 EPS is in-line & Q4 is consensus endorsed, Deutsche Bank reports. Nov-to-date comps mid-single digit, above +2-4% XmasQ plan.
“REDcard 5% rewards & Pfresh are exceeding expectations & could each drive 1 pt to 4Q comps & 2 pts in FY11 comps. 5% of TGT shares have been purchased YTD, with $2.6 bill authorization remaining,” Deutsche Bank writes. “Reiterate Buy rating as key transformative initiatives gain traction & valuation is very attractive.”
Target currently trades at $55.62.
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