While many of us were still chowing down on our turkey last evening, Target stores were just opening up in what they hoped would be a record breaking Black Friday weekend.
While it wasn’t exactly popular among the employees who had to work, many Target locations opened their doors at 6pm around the nation. This decision seems to have paid off with turnout ‘strong’ according to the company. In addition the company’s online store at Target.com saw ‘unprecedented’ results as well.
“Target got a head start going into Black Friday with the record-breaking launch of Adele’s new album and our ’10 Days of Deals’ promotion. The momentum continued with our Black Friday presale, and on Thanksgiving, we saw millions of shoppers take advantage of great offers online and in our stores. Overall, the response from our guests has been very positive, with some of the best days we’ve seen on Target.com,” said Brian Cornell, Chairman of the Board and CEO Target, who greeted holiday shoppers at the Jersey City Target Store in New Jersey on Thanksgiving. “We expect to see the demand continue throughout the weekend and into December as we offer more savings on the year’s most popular gifts, including Star Wars and Apple products.”
The stock closed at $73.16 during the last session. It is down 11.54% since April 24, 2015 and is downtrending. It has underperformed by 10.41% 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 15.94% above today’s ($73.16) 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 $45.07 billion. The Firm offers its products through stores, online or through mobile devices. It has 16.4 P/E ratio. The Firm sells an assortment of general merchandise and food through its store and digital channels.