June 25, 2018

TGT – Market expectations are for stable Uniform ROA at recent levels, and management is confident about digital channel growth as well as pickup and delivery initiatives


  • Target Corporation (TGT:USA)currently trades near historical averages relative to UAFRS-based (Uniform) Earnings with a 19.2x Uniform P/E. At these levels, the market is pricing in expectations for the firm to see profitability stabilize around recent levels, and management is confident about digital channel growth and initiatives
  • Specifically, management is confident in their focus on the in-store pickup experience for digital orders, and that Shipt is now in over 70 markets and receiving positive guest feedback. Additionally, they are confident in their digital channel growth, and in their strong base of well-designed, well-located, and well-maintained stores and distribution facilities

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