Retail giant Target Corporation ( TGT ) on Thursday saw its price target and earnings estimates boosted by analysts at Piper Jaffray.
The firm reiterated its "Overweight" rating on TGT and raised its price target from $58 to $60. That new target suggests a 19% upside to the stock's Wednesday closing price of $50.55.
A Jaffray analyst commented, "We are raising our estimates as follows: FQ3 from $0.73 to $0.74; FQ4 from $1.47 to $1.50; FY12 from $4.15 to $4.25; and FY13 from $4.41 to $4.48. Our price target increases from $58 to $60 based on 14x (unchanged) FY12E EPS of $4.25."
Target shares fell $1, or -2%, in premarket trading Thursday.
The Bottom Line
Shares of Target ( TGT ) have a 2.37% dividend yield, based on last night's closing stock price of $50.55. The stock has technical support in the $46 price area. If the shares can firm up, we see overhead resistance around the $52-$54 price levels.
Target Corporation ( TGT ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.3 out of 5 stars.
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