Is Target Gaining Momentum? This Wall Street Firm Thinks So

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In a report published Thursday, Wolfe Research maintained an Outperform rating on
Target Corp TGT
, with a price target of $85. The company reported its fourth quarter adj EPS at $1.50, higher than the estimate. Its EBIT beat was driven by better gross margins. In the report, Wolfe Research noted, "We continue to believe that Target has a significant opportunity to improve store productivity by getting its Tar-zhay back. Indeed, it appears that TGT is already making progress and we expect to hear more about management's plans at its Analyst Day next week." While mentioning that an average customer visits Target 12 times a year, the analysts said that the company has a clear opportunity to "drive frequency, store productivity, EPS and ROIC," while adding, "We believe the management is seizing the moment now that the distraction from Canada is gone and is focused on executing a simple, yet thoughtful plan to turnaround the business. We deem the probability of success as high."
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Posted In: Analyst ColorAnalyst RatingsWolfe Research
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