Fly News Breaks for March 4, 2020
Mar 4, 2020 | 07:09 EDT
BMO Capital analyst Kelly Bania lowered the firm's price target on Target to $115 from $134 and keeps a Market Perform rating on the shares after its in-line Q4 results and FY20 guidance, also lowering her modeled forward earnings multiple to 16-times from "near-peak" 19-times and lowering her FY21 EPS outlook by 25c to $6.85. The analyst notes that the company continues to benefit from its investments in same-day digital fulfillment and sees its comp outlook as solid, though she points to Target's more modest expectations of gross margin expansion in 2020 relative to 2019.
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