Markets & Finance

USB Piper Jaffray Raises Price Target for Target

USB Piper Jaffray raises its price target for Target (TGT) shares.

Analyst Jeffrey Klinefelter says Santa delivered Target an "above plan" sales trend for the holidays this year, as the retailer reported better than expected sales through the third week of December. He thinks the strong sell-through in toys, electronics, home decor, and apparel will deliver a strong bottom line during the fourth quarter. He keeps his $0.66 above consensus EPS estimate. But he trims his $1.80 FY 03 (Jan.) EPS estimate to $1.73 to account for a more conservative business approach during the first two quarters of the year.

However, the analyst raises his $44 target to $48, and maintains his strong buy rating based on solid visibility for EPS growth and subsequent trading multiple expansion.

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