Accueil > Actualité
Actualite financiere : Actualite bourse

Target: Bank of America downgrades stock, slashes TP

(CercleFinance.com) - On Wednesday Bank of America downgraded the Target stock to "neutral" (from "buy"), having slashed its targets from 235 dollars to 165 dollars (closing price yesterday about 157 dollars, +0.
5%).

In its comments, BofA said the US group is a victim of a changing industry that is seeing retailers stockpile inventory, and not just in home furnishings or apparel.

The broker notes that the upheaval comes at a time when Target is being forced to raise prices to cope with higher gasoline and other costs.

Bank of America expects uncertainty to continue in the second half of the year, however, as many other retailers are also forced to sell off inventory, which should weigh on Target's stock price.

In the long term, however, the analyst believes that the Minneapolis-based group remains well positioned, as illustrated by the increase in its in-store traffic last quarter (+3.9%) and the strength of its activity in regular purchase categories (food/beverage, home products, beauty), which should support its sales growth, he says.


Copyright (c) 2022 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
 

societes

marches

tendances

 
Qui sommes-nous ? | Nous contacter | FAQ | Mentions légales | RSS | © Copyright 2007 Cercle Finance. Tous droits réservés.
Indices et cours différés d’au moins 15 mn | Cotations boursières fournies par ABC Bourse.