TGT: Encouraged by Proactive Outreach and Positive Message at Sell-Side Breakfast

Research evidence excerpt

TGT: Encouraged by Proactive Outreach and Positive Message at Sell-Side Breakfast

Equity Research

Flash Comment — June 11, 2026

Food & Staples Retail

Target Corporation

Encouraged by Proactive Outreach and Positive Message at Overweight

Sell-Side Breakfast Price Target: $140.00

Ticker TGT

Our Call Upside/(Downside) to Target 5.8%

TGT remains a name we like on easy compares, self-help, earnings upside, reasonable Price (06/11/2026) $132.38

valuation. While management didn't break new ground, its proactive approach with the 52 Week Range $83.44 - 133.10

sell-side and positive overall message suggests continued progress. Remain OW. Market Cap (MM) $60,339

Source: Company Data, Wells Fargo Securities estimates, and Factset.

Initial Thoughts NA = Not Available, NC = No Change, NE = No Estimate

Upbeat Meeting at the NYSE: We attended TGT's NYSE Meeting with the sell-side earlier Edward Kelly, CFA

today led by CEO Michael Fiddelke and CFO Jim Lee. Overall, we found the conversation Equity Analyst | Wells Fargo Securities, LLC

Edward.J.Kelly@wellsfargo.com | 212-214-5304

constructive, with Q1 providing a source of optimism given notable acceleration in areas

that had newness and improvement in customer metrics. That said, there's a steadfast John Parke

focus on execution with plenty more work to do. Associate Equity Analyst | Wells Fargo Securities, LLC John.Parke@wellsfargo.com | 212-214-3327

Adam Gregorio

Full Slate of '26 Initiatives; More for '27 and Beyond: The '26 slate of initiatives is clearly Associate Equity Analyst | Wells Fargo Securities, LLC

full (Q1 newness/training, Q2 food/home decor resets, Q3 beauty studios/soft home, Adam.Gregorio@wellsfargo.com | 212-214-8117

more freq LTOs thru yr) w/ clarity of the strategy enabling a faster pace of change. The