Today it’s been reported by Reuters that Target Corporation (NYSE:TGT) is working on their very own mobile payment platform. Although it’s certainly a crowded market, Target Corporation (NYSE:TGT) hopes that by bringing such a platform in-house they will save money as well as have tighter control over their sales and customer’s data.
With this said Reuters has not stated how far along the company is in the development of this mobile system, or if the Target has decided to commit to this project 100% as of yet. While partnerships have reportedly been in the works, there has been no in-store testing of the system to date. This news comes after Walmart integrated their own mobile payment platform into their smartphone application just this last week. The stock is down 1.15% or $0.83 following the news, hitting $71.5 per share. Approximately 3.38M shares traded hands. TGT shares have declined 7.90% since May 15, 2015 and are currently downtrending. It has underperformed the S&P500 by 5.63%.
From a total of 8 analysts covering Target Corporation (NYSE:TGT) stock, 5 rate it a “Buy”, 0 a “Sell”, and 3 a “Hold”. This means that 63% of the ratings are positive. The highest target price is $92 while the lowest target price is $74. The mean of all analyst targets is $84.82 which is 18.63% above today’s ($71.5) stock price. Target Corporation was the topic of 22 analyst reports since July 21, 2015 according to the firm StockzIntelligence Inc. UBS maintained shares on November 19 with a “Neutral” rating. Zacks upgraded shares to a”Hold” rating and a $91 target share price in their report from an August 20. Citigroup initiated TGT stock in a recent report from November 9 with a “Buy” rating. Finally, Deutsche Bank maintained the stock with a “Hold” rating in a report they issued on a September 6.
Target Corporation is engaged in providing everyday essentials and fashionable, and differentiated merchandise at discounted prices. The company has a market cap of $45.87 billion. The Firm offers its products through stores, online or through mobile devices. It has 16.03 P/E ratio. The Firm sells an assortment of general merchandise and food through its store and digital channels.