Sellside Meeting Takeaways: Target's Eye Is on the Bullseye

研报英文原文证据摘录

Sellside Meeting Takeaways: Target's Eye Is on the Bullseye

June 11, 2026 | 14:40 ET~

Target

TGT-NYSE Rating Price: Jun-10 Target Total Rtn Food Retail

Market Perform $127.98 $130.00 5%

Kelly Bania Analyst

kelly.bania@bmo.com (917) 574-4796

Benjamin Wood VP Associate

Sellside Meeting Takeaways: Target's Eye Is on the benjamin.wood@bmo.com (646) 874-3725

Legal Entity: BMO Capital Markets Corp.Bullseye

2YR Price Volume Chart

Bottom Line: 180

Target management, including CEO Michael Fiddelke and CFO Jim Lee, hosted a Q&A 160

session with sell-side analysts this morning. We provide several takeaways on key 140

points made at the meeting along with our viewpoint. We continue to rate TGT shares 120 7060

Market Perform with a $130 target price. 100 5040

80 20

Key Points 60 Dec Jun Dec Jun 0

LHS: Price ($) / RHS: Volume (mm) Source: FactSet

While it remains unclear the extent to which macro tailwinds (i.e., tax refunds and

Company Data in $

easier comparisons) contributed to the recent stronger comp trends/traffic gains,

Dividend $4.56 Shares O/S (mm) 454.2Target’s message remains clear: in categories where it is making changes, the company

is pleased with the response after analyzing pre- and post- sales trends. Management Yield 3.6% Market Cap (mm) $58,127

is also bullish on the future tailwinds from having a clear and focused strategy: leading Net Debt (mm) $10,814 Wkly $Vol (000s) 4,981,058

with merchandising and design authority, differentiation, and delivering on a good BMO Estimates in $

guest experience with a clear focus on the needs of busy families. (FY-Jan.) 2026A 2027E 2028E

Management reiterated that the company is making more changes this year than any Adj. EPS $7.57 $8.36 $8.75

year during the last decade. We do acknowledge that there could be some low-hanging