Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Markets & Finance

Salomon Cuts Target to 'In-Line'


Salomon Smith Barney downgraded Target (TGT) to in-line from outperform.

On Monday the retailer provided a business and financial overview. Analyst Deborah Weinswig says given the steady stream of below-plan weekly sales at Target, she has become increasingly worried about the third and fourth quarters.

Weinswig says she had previously thought of Target as being differentiated from both Wal-Mart and Kohl's, due to its upscale focus and designer brands, but now believes Target may be "stuck in the middle."

Weinswig fears that consumers are shopping Wal-Mart for food and basics and Kohl's for apparel and home goods (in markets where they overlap); making Target less of a destination. She cut the $1.86 fiscal 2003 (Jan.) earnings per share estimate to $1.82, and cut the $2.13 fiscal 2004 estimate to $2.09. She also cut the $40 target to $32.


LIMITED-TIME OFFER SUBSCRIBE NOW
 
blog comments powered by Disqus