(News Bulletin 247) – Jefferies reiterates its ‘buy’ recommendation on Target with a price target lowered from 175 to 165 dollars, the day after a mixed publication from the low-cost food distribution group for its second quarter.
While like-for-like sales missed market expectations, the broker highlights a strong gross margin that enabled Target to post better-than-expected EPS over the past quarter.
Looking ahead, current year comparable sales and EPS targets were lowered due to a weak sales trend, but Jefferies’ continues to see margin recovery opportunities for the second semester’.
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