ReutersReuters

D.A. Davidson cuts Target PT, cites CEO transition and buyout risks

RefinitivLess than 1 min read

** D.A. Davidson cuts PT on big box retailer Target Corp TGT to $108 from $115, reiterates rating at "buy"

** New PT still implies a premium of 26.6% from stock's last close

** Brokerage says leadership uncertainty following the CEO transition has introduced strategic and execution risks, which outweigh recent operational improvements

** Says co's steep decline in share price and low valuation have sparked buyout speculation

** D.A. Davidson sees potential for a deal - adding the company to its S.T.A.M.P.E.D.E. list under "Equity/Debt Recapitalizations"

** Shares of the company up over 2% at $87.45 in early trading

** 12 of 40 brokerages rate the stock "buy" or higher, 22 "hold" and 6 "sell" or lower; their median PT is $100 - data compiled by LSEG

** Including session moves, shares down 35.7% YTD

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