JP Morgan Downgrades Target: Here's What You Need To Know

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JP Morgan downgraded its rating of Target TGT to Neutral with a price target of $144.00, changing its price target from $182.00 to $144.00.

Shares of Target are trading down 0.73% over the last 24 hours, at $129.97 per share.

A move to $144.00 would account for a 10.79% increase from the current share price.

About Target

With 1,948 stores (as of the end of fiscal 2022), Target is a leading American general merchandise retailer, offering a variety of products across several categories, including beauty and household essentials (27% of fiscal 2022 sales), food and beverage (21%), home furnishings and decor (18%), hardlines (16%), and apparel and accessories (16%). Most of Target's stores are large, averaging more than 125,000 square feet. The company has a significant e-commerce presence, deriving around 19% of sales from digital channels (up from about 9% in fiscal 2019, before the pandemic). In addition to its namesake stores, Target owns Shipt, an online same-day delivery platform. After it exited Canada in 2015, virtually all of Target's revenue is generated from the United States.

About Analyst Ratings

Analysts work in banking and financial systems and typically specialize in reporting for stocks or defined sectors. Analysts may attend company conference calls and meetings, research company financial statements, and communicate with insiders to publish "analyst ratings" for stocks. Analysts typically rate each stock once per quarter.

Some analysts will also offer forecasts for metrics like growth estimates, earnings, and revenue to provide further guidance on stocks. Investors who use analyst ratings should note that this specialized advice comes from humans and may be subject to error.

If you want to keep track of which analysts are outperforming others, you can view updated analyst ratings along with analyst success scores in Benzinga Pro.

This article was generated by Benzinga's automated content engine and reviewed by an editor.

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Posted In: Analyst RatingsBZI-AAR-UPDATE
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