Brian Sozzi: Target Essentially Confirms It Will Not Have A Credit Card Business (TGT)

Brian Sozzi of Wall Street Strategies just tweeted that Target TGT has essentially confirmed it will no longer own its credit card business by 2016 or 2017. Sozzi writes that the company will use its proceeds for share buybacks and debt reduction. Shares of Target closed at $49.26 yesterday, near its 52 week low.