Target's Q4 Sales To Remain Challenged, Says Analyst
Portfolio Pulse from Shivani Kumaresan
BofA Securities analyst Robert F. Ohmes has reiterated a Buy rating on Target Corp (NYSE:TGT) with a price target of $160, despite expecting a comparable sales decline of (5%) for Q4, in line with Q3's performance. The analyst highlights potential for recovery in C2Q24, citing opportunities from cost recovery, strategic initiatives, and new private label brands. TGT shares are up 1.31% at $154.92.
March 01, 2024 | 6:21 pm
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POSITIVE IMPACT
Target Corp's stock is positively viewed by BofA Securities with a Buy rating and a price target of $160, despite a forecasted Q4 sales decline. Strategic initiatives and cost recovery are expected to drive future growth.
The positive outlook from BofA Securities, despite a short-term sales decline, suggests confidence in Target's strategic initiatives and cost management. The analyst's higher than street Gross Margin forecast and the recent share price increase indicate potential for short-term positive momentum.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100