Target initiated with "overweight"

13.10.06 - Prudential Financial

NEW YORK, October 13 (newratings.com) - Analyst Mark J Rowen of Prudential Financial initiates coverage of Target Corp (DYH) with an "overweight" rating. The target price is set to $68.

In a research note published this morning, the analyst mentions that Target?s comp growth has accelerated in excess of 5% during the past two years, reflecting the company?s success in merchandising. The company possesses significant opportunities for store expansion and is likely to witness revenue growth of 9%-12% in the forthcoming few years, the analyst adds.