Fun 101 & Making TGT The Destination Again...

Research evidence excerpt

Fun 101 & Making TGT The Destination Again...

Broadlines & Hardlines

Mass Merchants - Market Weight

TARGET CORPORATION (TGT) June 17, 2026

Fun 101 & Making TGT The Destination Again... Rating:

Peer Perform

The Wolfe Byte Price: $133.40

The pace of change is accelerating at Target, and one of the best examples Price Target:

continues to be Fun 101. Merchants in this category now have more runway NA

to make changes, and we see this progress here as increasingly important for View TGT Model

maintaining momentum into the 2H. View Comp Table

Company Information

Recent announcements like the Issac Mizrahi partnership, Olivia Rodrigo's 52-Week Range $84 - $135

Market Cap. (MM) $60,589

exclusive music launch, and even increased focus on Trading Cards are driving Enterprise Value (MM) $76,477

customers back to TGT. We think further leaning into Fun 101 and these cultural Shares Out. (MM) 454.2

events will be an important part of Target's go-forward strategy and whether the Avg. Value Traded (MM) $977.54 SI% of Float 3.4%

business can maintain momentum.

Price Performance

(=) What is Fun 101? Target continues to shift the Hardlines category towards YTD LTM

segments that are performing better, increasing square footage for trading cards, TGT 23% 23%

sporting goods, toys, and video games, and de-emphasizing other areas like TVs. S&P 500 8% 25%

While renaming Hardlines to Fun 101 was an internal rebranding a few quarters ago, 140

it is an important signal for how Target is changing the way they motivate and direct 130

120the business. They are giving merchants more runway to make changes, and the store

is evolving faster than it has in the past. 110

(+) Why You Should Care? Traffic! When we connect with Target's vendors, they 90