USA: Morgan Stanley Ups Targets On Retailers
Morgan Stanley Dean Witter said on Wednesday it had raised its 12-month target prices on retailers Target Corp and May Department Stores. Target Corp was raised to $35 from $30, and May was raised to $35 from $32.Analyst Bruce M. Missett said in a report that mature companies with excellent franchises and solid balance sheets can present interesting investment opportunities for value investors."We believe this view is best captured by sector leader May Department Stores," he said. The analyst has an outperform rating on May, which inched up 0.43 per cent to $28-7/8 in morning dealings. May's 52-week range is $34-7/16 to $19-4/16.Missett said Target Corp has long-term growth potential and that the new target price is based on the shares trading at only a 25 per cent premium to MSDW's long-term growth forecast of 17 per cent, "which is also the low end of the range at which we believe Target should trade."MSDW has a strong buy recommendation on Target. The stock was up 5.07 per cent at $29-13/16 in morning trade. Its 52-week range is $21-12/16 to $39-3/16.(C) Reuters Limited 2000.
Get full access to all content, just $1 for 30 days
A Message From The Editor
just-style gives you the widest apparel and textile market coverage.
Paid just-style members have unlimited access to all our exclusive content - including 17 years of archives.
I am so confident you will love complete access to our content that today I can offer you 30 days access for $1.
It’s our best ever membership offer – just for you.
Leonie Barrie, editor of just-style
Help test our new apparel sourcing tool.
- Rana Plaza four years on – Timeline of change
- Using worker surveys to drive supply chain change
- Trump and Brexit get a dose of pragmatism
- Industry groups reaffirm commitment to Bangladesh
- Where does VF supply chain sit in growth strategy?
- Inditex, Adidas and Patagonia top ethical report
- Calls for supply chain transparency standard
- US textile industry applauds Trump executive order
- Gap unveils five-year sustainable fibres pledge
- Pentland Brands reveals Berghaus factory list
- Global market review of denim and jeanswear – forecasts to 2022
- When Things Go Wrong - A Practical Guide to Managing Common Problems in Apparel Sourcing
- Myanmar - ISA Country Report
- Southeast Asia strategic sourcing review – a focus on Cambodia, Vietnam and Myanmar
- Clothing Market in the Top 5 American Countries to 2021 - Market Size, Development, and Forecasts