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Stock Market & Financial Investment News

News Breaks
August 5, 2014
12:06 EDTTGTTarget slides after cutting Q2 profit view citing breach, discounts
Shares of Target (TGT) are falling after the company pre-announced second quarter profits that were far below its previous guidance. The retailer estimated that the after-effects of its December 2013 data breach cost it $110M in the second quarter. WHAT'S NEW: Target announced that it now expects its earnings per share in the second quarter, excluding some items, to come in at 78c, versus its previous guidance of 85c-$1.00. Analysts' consensus estimate was 91c. The company expects its comparable sales in the U.S. to be "essentially flat," and it believes the profit margin on its earnings before interest taxes depreciation and amoritzation were lower than expected in Q2. Discounts weighed on the company's margins, as consumers continued to spend cautiously at the company's stores and focus on value, Target reported. Meanwhile, the retailer estimated that its December 2013 data breach cost it $148M in Q2, adding that the expenses would be offset by $38M in insurance payments. ANALYST REACTION: In a note to investors, Wells Fargo wrote that the costs related to the data breach are on track to come in well below the $1B that some had initially feared. Wells kept an Outperform rating on the shares. RW Baird calculated that the company has recognized $145M in net data breach costs in total, which the firm also believes is below what many investors had initially feared. Baird thinks that Target may see better results later in 2014 and could restart its share buybacks at some point in the second half of the year, but sees stiff competition in Target's space. The firm maintains its Neutral rating on the stock. PRICE ACTION: Near noon, Target dropped $1.74, or 2.9% to $58.95.
News For TGT From The Last 14 Days
Check below for free stories on TGT the last two weeks.
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September 15, 2014
09:59 EDTTGTOn The Fly: Analyst Initiation Summary
Today's noteworthy initiations include: American Realty (ARCP) initiated with an Overweight at JPMorgan... Athlon Energy (ATHL) initiated with a Buy at KLR Group... Capital Product (CPLP) initiated with a Buy at Jefferies... Continental Resources (CLR) initiated with a Buy at Canaccord... Costco (COST) initiated with a Buy at Citigroup... Infinera (INFN) initiated with an Outperform at Barrington... NRG Yield (NYLD) initiated with an Outperform at RBC Capital... PTC Therapeutics (PTCT) initiated with a Buy at Deutsche Bank... Power Solutions (PSIX) initiated with an Outperform at Northland... ServiceNow (NOW) initiated with an Outperform at William Blair... Target (TGT) initiated with a Neutral at Citigroup... Team (TISI) initiated with a Neutral at Sidoti... VeriFone (PAY) initiated with a Buy at Monness Crespi... Wal-Mart (WMT) initiated with a Neutral at Citigroup... Whiting Petroleum (WLL) initiated with a Buy at Canaccord... Winnebago (WGO) initiated with an Outperform at BMO Capital.
06:11 EDTTGTTarget initiated with a Neutral at Citigroup
Citigroup started shares of Target with a Neutral rating saying the risk/reward is fair with valuation at three year highs. Citi believes Target is taking the right steps to improve execution and set a $66 price target for the stock.
September 9, 2014
16:15 EDTTGTTarget CEO to narrow focus to re-energize 'signature' categories, WSJ says
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13:58 EDTTGTStarbucks, Groupon, OpenTable apps among those to integrate Apple Pay
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September 8, 2014
12:29 EDTTGTHome Depot victim of same malware that hit Target, Krebs reports
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September 4, 2014
08:25 EDTTGTHome Depot could see less impact than Target from data breach, says BMO Capital
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