Jefferies Has Notes On Target (TGT)

Jefferies & Co. has notes on Target Corporation TGT following Black Friday shopping. In a note sent to clients, Jefferies writes, "Black Friday is by in large dominated by a certain type of value shopper and when the deals wind down, so do the frenzied crowds, hence a slowdown through the weekend should not be a big surprise. With that said, we think business Thanksgiving Day weekend was decent and we do expect a modest improvement y-y for the industry once all the numbers are tallied. The one notable change this year was the strength we were hearing about in the weeks leading up to Black Friday, so November overall could look good for the industry and we expect strength from the four retailers in our universe reporting comp store sales on Thursday (official estimates out tomorrow). As we recently spent time with Doug Scovanner, Target's CFO, he noted the unusual strength in the early part of the month (+MSD) versus recent trend (+LSD) and how this differed from recent years leading up to Black Friday." Shares of TGT lost 40 cents on Friday to close at $56.85.