Target Corp.: Takeaways from BofA/NYSE Conference in London

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Target Corp.: Takeaways from BofA/NYSE Conference in London

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Target Corp.

Takeaways from BofA/NYSE Conference in

London

Maintain Rating: UNDERPERFORM | PO: 110.00 USD | Price: 127.81 USD

Meetings express confidence in turnaround 17 June 2026

We hosted investor meetings with TGT’s CFO Jim Lee and IR John Hulbert at the Equity

BofA/NYSE Conference in London. Management remains confident that they are moving

Christopher Nardone

swiftly to reinvest in leadership and the broader organization to help accelerate a Research Analyst

turnaround following several years of muted sales growth. Outside of moving faster, BofAS christopher.nardone@bofa.com

management believes the leadership and broader organization are much more aligned on

Madeline Cech

the company’s strategy relative to years prior. We maintain our Underperform rating; Research Analyst

despite the early progress, we remain wary about the speed of the earnings recovery BofAS madeline.cech@bofa.com

given the broader macro uncertainty.

Consumer holding in despite macro uncertainties

Management discussed a relatively resilient consumer despite higher gas prices Stock Data

(although this is evolving real time) and weakening results from consumer confidence

surveys. The team is encouraged by the broad based strength in 1Q (see our takeaways Price 127.81 USD

here) but given the dynamics of higher tax refunds (mostly a 1Q benefit) and tougher Price Objective 110.00 USD

comparisons relative to 1Q, mgmt left its 2Q-4Q outlook relatively unchanged. Current Date Established 13-May-2026

guidance implies around 2% comp growth for the remainder of the year. Investment Opinion B-3-8

52-Week Range 83.44 USD - 137.87 USD

Categories with momentum: Beauty, Fun 101, Food/Bev Mrkt Val (mn) / Shares Out 58,048 USD / 454.2