UPDATE: J.P. Morgan Reiterates Overweight Rating, Lowers PT on Target Corporation
In a report published Wednesday, J.P. Morgan & Co. reiterated its Overweight rating on Target Corporation (NYSE: TGT), but lowered its price target from $76.00 to $74.00.
J.P. Morgan noted, “We are maintaining our Overweight rating as we believe the stock is positioned for outperformance in 2013 based on accelerating earnings growth over the next two years against reasonable valuation with specific catalysts. We cite the following reasons: (1) accelerating sales, earnings, cash flow, and buyback growth in 2013-2014 related to Canada/leverage; (2) a derivative housing play with nearly 20% of sales in this category; and (3) valuation levels that support reasonable downside protection.”
Target Corporation closed on Monday at $59.17.
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