Target Corp TGT:NYSE

Last Price$86.73Cboe Closing Price as of 4:00PM ET 6/24/19
Cboe Real-Time Quotes
Today's Change-0.87(1.00%)
Bid (Size)$86.54 (9)
Ask (Size)$86.55 (4)
Day Low / High$86.45 - 87.99
Volume2.3 M

Street Color: Target Upgraded to Equal Weight at Morgan Stanley, But PT of $67 Maintained on Expectations for Limited Multiple Expansion

9:07AM ET 5/20/2019 MT Newswires
Morgan Stanley upgraded Target (TGT) to equal weight from underweight, with a price of $67. While there are still concerns around TGT's medium-term margins, they seem to be reflected in the stock's below average valuation, while the risk-to-reward now looks more balanced.

"As we see limited potential for multiple expansion in the near-term as Target's valuation could be range-bound by concerns that it may miss its EBIT margin guide for 2019. Therefore, we are maintaining a $67 price target," the bank said.

Looking beyond the next 12-18 months, Target's supply chain strategy and potential investment needs come back into focus as the company's store-based supply chain strategy could limit margin improvement, the bank added.

(Street Color news is derived from real time discussions with market professionals globally subscribed to the Street Color Premium Chat service on Bloomberg IB Chat and the ICE IM. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Price: 71.17, Change: +0.28, Percent Change: +0.39