Target Corporation (NYSE:TGT) shares are trading lower Thursday, and the stock hit a new 52-week low of $104.63.
What To Know:
On Thursday, Truist Securities analyst Scot Ciccarelli maintained a Hold rating on Target shares and lowered his price target from $133 to $116, citing Truist card data suggesting softening spending trends over the past few weeks.
The analyst’s note mentioned consumer spending pressures, including rising food and gas prices and the resumption of student loan payments, as some of the reasons for the lowered price target.
Target Corporation announced the closure of several of its stores in four states due to theft and organized retail crime on Sept. 26.
“In this case, we cannot continue operating these stores because theft and organized retail crime are threatening the safety of our team and guests, and contributing to unsustainable business performance,” Target said in the press release.
“We know that our stores serve an important role in their communities, but we can only be successful if the working and shopping environment is safe for all.”
The Target stores located in the San Francisco/Oakland, New York City, Seattle and Portland markets will close on Oct. 21.
Target Corporation’s shares are down more than 35% over the last six months.
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TGT Price Action: According to Benzinga Pro, Target Corporation shares are down 1.43% at $105.10 per share at the time of publication.
Image: Courtesy of Target Corporation
