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UPDATE: J.P. Morgan Reiterates Overweight Rating, Lowers PT on Target Corporation

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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.

Latest Ratings for TGT

DateFirmActionFromTo
Feb 2017SusquehannaInitiates Coverage OnNeutral
Feb 2017BernsteinInitiates Coverage OnOutperform
Jan 2017Stifel NicolausInitiates Coverage OnHold

View More Analyst Ratings for TGT
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Posted-In: J.P. Morgan & Co.Analyst Color Price Target Analyst Ratings

 

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