Citigroup Reiterates Neutral Rating, $68 PT on Target Corporation

In a report published Wednesday, Citigroup reiterated its Neutral rating and $68.00 price target on Target Corporation

. Citigroup noted, “TGT's 2Q12 EPS was $1.06 per share (incl. a (-$0.09) per share impact from Canadian dilution), ahead of our estimate and consensus of $1.01, and vs. $1.03 last year. A better-than-expected tax rate contributed $0.03/share to the beat. TGT also provided 3Q12 EPS guidance of $0.69 to $0.79 (incl. Canada entry dilution), vs. our estimate of $0.74 and consensus of $0.76, and the company raised its 2012 guidance to $4.20 to $4.40, vs. $4.10 to $4.30 previously (incl. Canada entry dilution), our estimate of $4.29, and consensus of $4.31. We believe that investors will view today's EPS beat and increase in guidance favorably.” Target Corporation closed on Tuesday at $63.38.