Wells Fargo Maintains “Outperform” Rating on Target (TGT)
Wells Fargo reported on Tuesday that it has maintained its current “Outperform” rating on discount retailer, Target Corporation (TGT).
The firm has reiterated an “Outperform” rating on Target, and has given the company a valuation range of $73 to $78 per share.
An analyst from the firm surveyed customers in Canada, and said that “consumers ranked the shopping experience a seven out of 10, on average, and the qualitative comments show that many plan to make Target part of their regular shopping routine.”
The firm commented, “we are bullish on TGT shares given Canada dilution is peaking, and operating metrics should improve optically starting in Q2 2013. Our thesis, however, is not predicated on Canadian stores exceeding expectations,”
Target shares were mostly flat during Tuesday morning trading. The stock has increased 16% in the past year.
The Bottom Line
Shares of Target Corporation (TGT) have a 2.11% yield, based on Tuesday morning’s price of $68.31.
Target Corporation (TGT) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.
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