MET W/ MGMT: TGT‘s "Show Me" Story Not Done Yet; Raising PT

研报英文原文证据摘录

MET W/ MGMT: TGT‘s "Show Me" Story Not Done Yet; Raising PT

USA | Discount Retailers

Target Corp EquityJuneResearch26, 2026

TARGET CHANGEMET W/ MGMT: TGT's "Show Me" Story Not

RATING BUYDone Yet; Raising PT

PRICE $139.62^

We recently hosted TGT's CFO, Jim Lee, VP of IR, John Hulbert, and Senior

Director of IR, Justin Madsen, for a meeting in Boston. Following our time PRICE TARGET | % TO PT $161.00 ($140.00) | +15%

with the company, we note that mgmt struck a measured but confident tone 52W HIGH-LOW $141.25 - $83.44

around early traction from its strategic reset, highlighting early wins from FLOAT (%) | ADV MM (USD) 99.4% | 771.54

merchandising-led change and a cultural shift toward faster, bolder execution. MARKET CAP $63.6B

TGT remains one of our top picks. New PT: $161. TICKER TGT ^Prior trading day's closing price unless otherwise

noted.

MET WITH MGMT. We hosted TGT's mgmt team in Boston. Discussions focused on early progress

from TGT’s strategic reset, merchandising priorities, guest experience initiatives, and evolving cost

FY (Jan) CHANGE TO JEFe JEF vs CONS

structure.

2026 2027 2026 2027

Turnaround Framing And Cultural Reset. Mgmt framed the narrative around the early innings REV NA NA +2% +2%

of its turnaround story. The strategy is now clearly defined around merchandising authority and EPS NA NA +4% +2%

guest experience. Importantly, mgmt highlighted a meaningful shift toward a play-to-win approach

centered on growth and differentiation. 2026 ($) Q1 Q2 Q3 Q4 FY

EPS -- -- -- -- 8.41

Our Take: The cultural reset is a critical component of the story. The move to a play-to-win mindset PREV

introduces opportunity, potentially reinforcing the sustainability of early gains we saw in Q1, and we

remain constructive on mgmt's direction.