Target Corp

TGT: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$523.00	Snqk	Ymytcvzvjx

Target: Without a Durable Edge, We Think No-Moat Target Will Struggle To Unlock Robust Margin Gains

Noah Rohr

Aug 10, 2023

In light of the intensely competitive landscape in which it plays, we have lowered our fair value estimate on Target to $141 per share, from $165, primarily because we expect more modest long-term margin expansion (we now forecast a 7.0% midcycle operating margin, down from our previous forecast of 8.0%).

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