Target Corp

TGT: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$458.00	Gvygg	Brrfthctgw

Target Earnings: Theft, Mix Weigh on Earnings, but Distribution Improvements Should Help in Long Term

Zain Akbari

May 17, 2023

Our $171 per share valuation of no-moat Target should not change much after it announced first-quarter earnings that suggest it is on pace to approximate our full-year targets. We see no reason to alter our long-term forecast materially, as we are still expecting mid-single-digit yearly revenue growth and high-single-digit operating margins forecast on average. We advise prospective investors to await a more attractive entry point.

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