TGT: Numbers Go Up, Stock Goes Down - Buyers of That Weakness Given Fundamental Progress

研报英文原文证据摘录

TGT: Numbers Go Up, Stock Goes Down - Buyers of That Weakness Given Fundamental Progress

ion: Execution against its A-Day strategy Prior 1.50 E 2.27 E 2.01 E 2.57 E 8.35 E

incl. 100's of millions in hours/training is starting to bear fruit, w/ guest experience scores 2027E 1.88 E 2.45 E 2.14 E 2.53 E 9.00 E

across wait times, product availability & cleanliness reaching 3yr highs in Q1. Inventory Prior 1.59 E 2.41 E NC 2.72 E 8.85 E

efficiency is moving in the right direction w/ turns +10% y/y & key item in-stocks moving

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

higher despite sales outperformance. New facilities plus a well respected CSCO hire NA = Not Available, NC = No Change, NE = No Estimate

should continue to move the needle in right direction.

Edward Kelly, CFA

Equity Analyst | Wells Fargo Securities, LLC

Guidance Leaves Room for Upside: Q1 a solid proof point - top line strength translates Edward.J.Kelly@wellsfargo.com | 212-214-5304

into healthy margin gains & $0.30-$0.35 of EPS upside. Indeed, comps moderate post Q1 John Parke

as laps stiffen & refunds roll off, but newness in the business accels & operational leverage Associate Equity Analyst | Wells Fargo Securities, LLC

should step up nicely as 1H pressures ease (shrink, labor/training, accel. D&A, tariffs). John.Parke@wellsfargo.com | 212-214-3327

Implied comps for bal of yr embeds 230bps+ slowdown on 2yr, which looks conservative, Adam Gregorio

$9+ bull case in FY26 EPS still very much on the table. Associate Equity Analyst | Wells Fargo Securities, LLC

Adam.Gregorio@wellsfargo.com | 212-214-8117

One of Few Stories with Momentum; Remain Overweight: Sentiment clearly leaned

long, especially from the fast money community, yet today's reaction looks overdone on