Retail giant Target Corporation (TGT) on Thursday received some continued bullish commentary from analysts at Jefferies & Co.
The firm reiterated its “Buy” rating on TGT and lifted its price target from $67 to $74. That new target suggests a 15% upside to the stock’s Wednesday closing price of $64.50.
A Jefferies analyst commented, “We continue to like TGT for its loyalty and traffic driving initiatives in a low unit growth world. TGT posted upside in EPS, reflecting better-than-expected pretax contribution from credit and a favorable tax rate. Revenue and GM% were in line with our expectation. FY guidance was raised to $4.20-$4.40, up from $4.10-$4.30. Early Q3 trends suggest a continuation of L-MSD comp store sales increases, in line with guidance.”
Accordingly, the firm raised its earnings estimates for TGT through 2014.
Target shares were mostly flat in morning trading Thursday.
The Bottom Line
Shares of Target (TGT) have a 2.23% dividend yield, based on last night’s closing stock price of $64.50. The stock has technical support in the $58-$60 price area. The shares are trading near all-time highs.
Target Corporation (TGT) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.