While Target Has Boosted Its Digital Presence, Competition Remains Intense
We are lifting our fair value estimate of no-moat Target to $73 per share from $68, reflecting solid year-end sales and the time value of money. Although we have a favorable view of management’s efforts to boost its e-commerce offerings (through its ongoing store renovation program and 2017 purchase of Shipt), the relentless competitive environment should continue to exert pressure on the firm’s top-line growth and profitability prospects. We expect low-single-digit top-line growth against 5.6% ...Target provides its customers everyday essentials and merchandise. The company sells an assortment of general merchandise and food. The majority of the company's general merchandise stores provide an edited food assortment, including perishables, dry grocery, dairy, and frozen items. The company's small format stores provide curated general merchandise and food assortments. The company's digital channels include merchandise assortment, including various items found in its stores, along with a complementary assortment. The company also sells merchandise through periodic design and partnerships. The company's owned brands merchandise include: A New Day?, Archer Farms?, Art Class?, Ava & Viv?, Cat & Jack?, and Cloud Island?, among others.
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Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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