Information Provided By:
Fly News Breaks for August 22, 2019
TGT
Aug 22, 2019 | 09:37 EDT
BMO Capital analyst Kelly Bania raised her price target on Target to $105 after its "strong" top-line momentum in Q2, saying the company is benefiting from its internal drivers of "private label merchandising, designer partnerships, and growing convenience" as well as the external drivers such as weaker mall traffic. The analyst also notes that the company's margin performance was stronger than expected despite the rise in tariff costs, but she still sees valuation expansion potential as limited by the "lack of leverage point on digital fulfillment costs". Bania keeps her Market Perform rating on Target.