Fly News Breaks for January 16, 2020
Jan 16, 2020 | 06:47 EDT
Morgan Stanley analyst Simeon Gutman commented on Target's (TGT) weaker than expected holiday sales, saying Q4 holiday sales were not "terrible," adding that he thinks the shorter holiday calendar could have been a culprit and noting that Target was facing a tough compare. Gutman tells investors in a research note that the EPS implications are not drastic, as Target reaffirmed its Q4 EPS guidance, that the holiday sales miss was confined to a few key categories and that he believes January sales likely bounced back, and says the business is being managed well. The analyst lowered his Q4 comp estimate for Walmart (WMT) to up 2% from up 2.5%, saying he doesn't think Walmart was immune to the headwinds Target faced and may also have been affected by the shorter holiday period. Gutman made no change to his Equal Weight rating and $130 price target for Target shares.
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