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Target Corporation (TGT)

  • Feb. 26, 2014, 12:05 AM
  • Feb. 25, 2014, 5:30 PM
  • Feb. 24, 2014, 3:25 PM
    • Target (TGT +0.2%) is likely to be less aggressive with its share buybacks this year as it recoups from an expensive data breach, according to analysts covering the retailer.
    • Fitch Ratings notes the company would have to risk its credit rating to borrow more money to stay on its original buyback track.
    • What to watch: Execs with Target will be asked during the firm's earnings conference call this week for hard numbers on what the data breach will cost it. Estimates range as high as $1.1B.
  • Feb. 24, 2014, 10:10 AM
    • Target's (TGT -1.4%) foray into Canada is now close to a year old without any clear signs that the sputtering launch has straightened out.
    • Consumers in Canada have voiced displeasure on Target's high prices and the retailer is still working out distribution and inventory challenges.
    • What to watch: Analysts think Target should focus on its food/grocery business and private-label apparel to help turn around momentum. Will the PFresh concept play in Canada?
  • Feb. 19, 2014, 9:57 AM
    • Target (TGT +0.5%) could lose a few billion dollars due to the breach of customer data that occurred last year, according to some early estimates.
    • Slapping on wide discounts after the attack and paying for free credit monitoring services was just the start, note analysts. Marketing costs to repair the brand could be very high, while before too long banks will be in line to ask for payments on fraudulent transaction on stolen cards.
  • Feb. 18, 2014, 8:37 AM
    • Target (TGT) has a bright fundamental future, according to Westwood Management fund manager Matthew Lockbridge.
    • Though next week's earnings report could show some trouble spots for the retailer, Lockbridge thinks Target is set for long-term gains as a solid management team guides it through a tough patch.
    • Options traders are also warming up to Target as the put/call ratio leans decidedly bullish.
  • Feb. 16, 2014, 1:52 AM
    • Target's (TGT) computer-security specialists expressed their concerns about weaknesses in the company's payment-card network at least two months before cyber-thieves stole the data of up to 70M people, the WSJ reports.
    • At least one analyst asked for a more comprehensive security review of the network, although the request was dismissed, at least initially .
  • Feb. 4, 2014, 12:23 PM
    • Top executives from Target (TGT -0.4%) and Neiman Marcus are testifying in front of a Senate Judiciary committee today on their company's respective data security breaches
    • One of the very first questions after a non-eventful reading of prepared statements was on seeing the industry move to chip and pin technology instead of the continued use of magnetic strips on cards.
    • Target CFO John Mulligan offers little resistance, saying a "collective" effort in the direction of smartcards needs to occur.
    • The adoption of smartcards could cut into capital expenditures and IT spending at banks and retailers which are behind the curve.
  • Jan. 31, 2014, 11:21 AM
    • Shares of Wal-Mart (WMT -0.1%) have recovered nicely from an early dip and are now outpacing the S&P 500 despite a cut in Q4 guidance.
    • Though the same what-me-worry attitude is being seen with Target (TGT -0.7%) and the dollar store group (FDO, DG, DLTR, FIVE), some retail analysts think the company's shortfall points to a larger issue than just winter storms.
    • Public policy changes regarding food stamps and unemployment benefits won't go away when the sun melts the snow, they note.
  • Jan. 30, 2014, 8:31 AM
    • Jefferies cuts its price target on Target (TGT) to $56.
    • The retailer has plenty of +$70 price targets out on it that look vulnerable with visibility cloudy on Target's 2014 and 2015 EPS.
  • Jan. 30, 2014, 7:12 AM
    • Target (TGT) says its high-profile data breach might have been the result of the use of one of its vendor's credentials.
    • CFO John Mulligan will sit in front of the Senate Judiciary Committee next week to expound on the incident and the company's response.
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  • Jan. 23, 2014, 12:56 PM
    • Target (TGT -0.6%) CFO John Mulligan will face questioning from a Senate committee on February 4 on the data breach at the company.
    • The committee will also hear from the Secret Service and the FTC.
    • Though Mulligan will likely be grilled over what the retailer knew and when, the larger story could be the gaining momentum for a data security bill that would advance the use of smartcards in the U.S. to replace magnetic strips.
    • Related: The NRF calls for use of smartcard technology
  • Jan. 22, 2014, 1:47 PM
    • In another round of cost-cutting efforts, Target (TGT -0.5%) is laying off 475 employees at its corporate headquarters (~4% of the workforce there) and not filling 700 open positions.
    • A laid off employee said cut staff will be replaced by workers in India and contractors, with the terminations in the works for over half a year.
    • Previous: Target to end health coverage for part-time employees
  • Jan. 22, 2014, 7:00 AM
    • Target (TGT) plans to eliminate healthcare coverage for part-time workers on April 1.
    • The company is steering the group toward public exchanges.
    • Employees affected by the policy will also be given $500 by Target.
  • Jan. 21, 2014, 2:34 PM
    • Target (TGT -1.7%) has $175M in insurance that could cover claims made against it relating to its breach of customer data.
    • On top of $100M in cyber insurance, a $65M D&O policy could be tapped.
    • Retail consultants think other companies are shoring up their own insurance policies after seeing Target penetrated rather easily by hackers.
  • Jan. 21, 2014, 9:24 AM
    • Shares of Target (TGTdip 0.9% pre-market after Cowen downgrades shares to Underperform with a $47 PT (implying a downside of 22% from Friday's close).
    • Cowen observes, "we expect the company to suspend its buyback, a key support for the stock, indefinitely."
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Company Description
Target Corp is engaged in operating general merchandise discount stores in the United States.