Barclays Initiates Coverage of Target With Equal-Weight Recommendation

On February 8, 2023, Barclays initiated coverage of Target with a Equal-Weight recommendation.

Analyst Price Forecast Suggests 2.99% Upside

As of February 8, 2023, the average one-year price target for Target is $179.99. The forecasts range from a low of $143.42 to a high of $231.00. The average price target represents an increase of 2.99% from its latest reported closing price of $174.76.

The projected annual revenue for Target is $109,473MM, an increase of 0.69%. The projected annual EPS is $5.58, a decrease of 24.56%.

What are large shareholders doing?

Capital World Investors holds 17,319,596 shares representing 3.76% ownership of the company. In it’s prior filing, the firm reported owning 15,172,758 shares, representing an increase of 12.40%. The firm increased its portfolio allocation in TGT by 26.75% over the last quarter.

VTSMX – Vanguard Total Stock Market Index Fund Investor Shares holds 13,724,616 shares representing 2.98% ownership of the company. In it’s prior filing, the firm reported owning 13,655,438 shares, representing an increase of 0.50%. The firm increased its portfolio allocation in TGT by 10.08% over the last quarter.

Bank Of America holds 12,914,655 shares representing 2.81% ownership of the company. In it’s prior filing, the firm reported owning 12,397,531 shares, representing an increase of 4.00%. The firm decreased its portfolio allocation in TGT by 70.94% over the last quarter.

VFINX – Vanguard 500 Index Fund Investor Shares holds 10,511,486 shares representing 2.28% ownership of the company. In it’s prior filing, the firm reported owning 10,235,783 shares, representing an increase of 2.62%. The firm increased its portfolio allocation in TGT by 11.58% over the last quarter.

Wells Fargo holds 10,133,971 shares representing 2.20% ownership of the company. In it’s prior filing, the firm reported owning 10,790,018 shares, representing a decrease of 6.47%. The firm increased its portfolio allocation in TGT by 3.94% over the last quarter.

Fund Sentiment

There are 3035 funds or institutions reporting positions in Target. This is a decrease of 98 owner(s) or 3.13%.

Average portfolio weight of all funds dedicated to US:TGT is 0.3888%, a decrease of 3.4470%. Total shares owned by institutions increased in the last three months by 2.91% to 427,570K shares.

Target Background Information
(This description is provided by the company.)

Minneapolis-based Target Corporation serves guests at nearly 1,900 stores and at Target.com. Since 1946, Target has given 5% of its profit to communities, which today equals millions of dollars a week.

This article originally appeared on Fintel