TGT - Quick Take - Informal mtgs with sell-side suggest mgmt is encouraged by their recent performance/changes

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TGT - Quick Take - Informal mtgs with sell-side suggest mgmt is encouraged by their recent performance/changes

Truist Securities

Equity Research Report June 11, 2026

CONSUMER: Hardlines/Broadlines Target Corporation (TGT)

TGT - Quick Take - Informal mtgs with sell-side suggest mgmt is Scot Ciccarelli, CFA

212-319-3920 encouraged by their recent performance/changes

Scot.Ciccarelli@truist.com

Shervin Zand Net/net – Today, Target hosted an informal sell-side Q&A session at the NYSE. While

212-590-0987 there is a lot of macro noise, the company is generally seeing improving trends where they

Shervin.Zand@truist.com are making substantive changes to their merchandise/merchandising, signaling that their

renewed focus on "who” their core customers are and "what” those customers expect from

Joseph Civello Target is having a positive impact on sales. We think TGT shares are “interesting” at current

212-590-0968 levels, but the stock’s multiple has expanded (15x+) while many others (with presumably

Joseph.Civello@truist.com less economic and/or competitive pressures) have had their multiples decline. Thus, we

remain neutral on TGT.

Key Points:

Current Price (Jun. 10, $127.98 2026) 1 - Encouraged by 1Q, especially the improvement in traffic – Our take is that the

company seems to be comfortable with their strategy and the changes that they are making

Stock Rating HOLD to the business. While there is a lot of macro noise (refunds, gas prices, tariffs, YOY

Unchanged comparisons, etc), the company is generally seeing improvement where they have made

Price Target $130.00 significant changes to their merchandise and merchandising. For example, the company experienced a ~5% sales lift in Baby after they changed their assortments and displays.