Selected Reads

Smartkarma

Equity Bottom-Up

Target (TGT) Intro: If you’re not in a desert somewhere, you’ve probably read about well-known concerns about Target’s (and many other mass retailers’) inventory issues recently. TGT dropped ~25% in a single...<a target="_blank" href="https://www.valueinvestorsclub.com/idea/TARGET_CORP/7985977929">Read the article on Value Investor Club »</a>

Morningstar

Morningstar, Inc.

Target has adapted well to a fast-digitizing retail landscape, but we believe it faces an intensely competitive environment in which customers have negligible switching costs, exacting relentless pressure to elevate service levels while holding prices low. Without the scale of industry leaders Walmart and Amazon or the differentiated business models that characterize the moat-endowed defensive retailers we cover, we expect Target will remain vulnerable to the competitive onslaught.While the…

We plan to lift our $73 per share valuation for no-moat Target by a mid- to high-single-digit percentage after it reported first-quarter earnings that outpaced our marks. While we expect to raise our near-term outlook to reflect the brisk start to fiscal 2019, our long-term take still calls for low-single-digit top-line growth against mid-single-digit adjusted operating margins over the next 10 years. With shares up nearly 10% after the announcement, we suggest investors await a more attractive…

We are lifting our fair value estimate of no-moat Target to $73 per share from $68, reflecting solid year-end sales and the time value of money. Although we have a favorable view of management’s efforts to boost its e-commerce offerings (through its ongoing store renovation program and 2017 purchase of Shipt), the relentless competitive environment should continue to exert pressure on the firm’s top-line growth and profitability prospects. We expect low-single-digit top-line growth against 5.6%…

Target has adapted well to a fast-digitizing retail landscape, but we believe it faces an intensely competitive environment in which customers have negligible switching costs, exacting relentless pressure to elevate service levels while holding prices low. Without the scale of industry leaders Walmart and Amazon or the differentiated business models that characterize the moat-endowed defensive retailers we cover, we expect Target remains vulnerable to the competitive onslaught.While the…

United States

Target Corporation operates general merchandise discount stores. The Company focuses on merchandising operations which includes general merchandise and food discount stores and a fully integrated online business. Target also offers credit to qualified applicants through its branded proprietary credit cards.

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