4 Reasons Piper Jaffray Likes Target
This morning, Piper Jaffray analyst Sean Naughton explained why he rated Target Corporation (NYSE: TGT) at Overweight. According to Bloomberg, at least 12 other firms agreed with the analyst's rating. Seventeen rate Target as a Hold.
Of the many reasons to warrant the Buy rating, Naughton mentioned "robust sales growth", coupled with a strong fourth quarter, were persuasive driving factors.
Another factor behind the positive rating was a strong U.S. Dollar, which can lower apparel import costs.
Also worth noting, Naughton discussed Target's "Redperks" Program. The analyst explained that in his opinion, the program has been a success thus far.
He currently holds an $85 price target on Target, above the Wall Street average price target of $77. As of Tuesday afternoon, the stock is trading near $76.65.
Latest Ratings for TGT
|Sep 2016||Guggenheim||Initiates Coverage on||Neutral|
|Sep 2016||Cowen & Co.||Downgrades||Outperform||Market Perform|
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