Piper Jaffray Raises Price Target on Target (TGT)

Piper Jaffray Raises Price Target on Target (TGT)

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Piper Jaffray reported on Monday that they have increased their price price on discount retailer, Target Corporation(TGT).

The firm has reaffirmed an “Overweight” rating on TGT, and has increased the company’s price target from $71 to $74. This price target suggests a 14% increase from the stock’s current price of $63.72.

An analyst from the firm commented, “we expect Target to report GAAP earnings around $1.48, consistent with consensus, and expect comp guidance for FQ1 in the Flat to +LSD range. While 2013 will be a messy year in terms of estimates, we believe the potential for meaningful earnings acceleration in 2014 justifies the risk reward at these levels. We believe the range of potential EPS outcomes for CY14 are between $5.50 to $6.00 and given the trough P/E forward multiple is 11.2x, we think downside is limited.”

Target shares were mostly flat during Monday morning trading. The stock has increased 15% in the past year.

The Bottom Line
Shares of Target Corporation(TGT) have a 2.26% yield, based on Friday’s closing price of $63.60.

Target Corporation(TGT) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks, as well as a detailed explanation of our ratings system here.

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