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Target’s Estimates, Price Target Boosted at Piper Jaffray (TGT)

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.

Be sure to visit our complete recommended list of the Best Dividend Stocks , as well as a detailed explanation of our ratings system here .

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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