Piper Jaffray Reiterates Overweight Rating, $71 PT on Target

In a report published Monday, Piper Jaffray & Co. reiterated its Overweight rating and $71.00 price target on Target Corporation TGT. Piper Jaffray noted, “We are estimating August comps in the +2% to +4% range compared to consensus of +2.9% and guidance of +LSD-MSD. Management did indicate on the Q2 earnings call on August 15 that month-to-date trends were on track to deliver on the +3% guidance for the quarter, so we expect little surprise for the month. The month may have ended on a slightly weaker note due to some pull forward of demand last year caused by Hurricane Irene in August 2011, which would likely be made up in early September. Looking ahead, we expect September to be the weakest month of the quarter as Target laps last year's Missoni capsule and a +5.3% comparison.” Target Corporation closed on Friday at $63.69.