Shares of Target Corporation (NYSE:TGT) are down slightly this afternoon as the news that the company’s website, Target.com had crashed, scared off investors.
The news really could be viewed both in a positive and negative light, as no company wants their website going down on the biggest online shipping day of the year, Cyber Monday. With that said, the fact that traffic was so high that the website crashed likely means that the company had more visitors then they ever could have imagined.
“Both traffic and order volumes are exceeding Target’s Thursday Black Friday event … To help manage the volume, we have been metering traffic to the site,” Target spokeswoman Jamie Bastian said.
While the website does seem to be back up and running, there are still reports on Twitter of speed issues and errors for shoppers looking to take advantage of the company’s Cyber Monday sales.
The stock is down 1.43% or $1.05 after the negative news, hitting $72.39 per share. About 3.98M shares traded hands. TGT has declined 9.76% since April 27, 2015 and is downtrending. It has underperformed by 8.86% the S&P500.
Out of 8 analysts covering Target Corporation (NYSE:TGT), 5 rate it “Buy”, 0 “Sell”, while 3 “Hold”. This means 63% are positive. $92 is the highest target while $74 is the lowest. The $84.82 average target is 17.17% above today’s ($72.39) stock price. Target Corporation was the topic in 22 analyst reports since July 21, 2015 according to StockzIntelligence Inc. UBS maintained the stock on November 19 with “Neutral” rating. Zacks upgraded it to “Hold” rating and $91 target price in an August 20 report. Citigroup initiated the shares of TGT in a report on November 9 with “Buy” rating. Finally, Deutsche Bank maintained the stock with “Hold” rating in a September 6 report.
Target Corporation is engaged in providing everyday essentials and fashionable, and differentiated merchandise at discounted prices. The company has a market cap of $45.39 billion. The Firm offers its products through stores, online or through mobile devices. It has 16.23 P/E ratio. The Firm sells an assortment of general merchandise and food through its store and digital channels.