What analysts are saying: Target's Canada expansion

  • Updated: November 2, 2013 - 5:12 PM
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Exterior signage of the Target Corp. store in Torrance, California, U.S., on Tuesday, August 20, 2013. Target is expected to announce quarterly earnings results on Aug. 21, 2013. Photographer: Patrick T. Fallon/Bloomberg

Photo: Patrick T. Fallon, Bloomberg

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Ugh Canada!

Target Corp. CEO Gregg Steinhafel briefed analysts Wednesday on the progress of Target’s expansion into Canada, saying “initial sales have fallen well short of expectations.” But Target remains confident it will hit longer-term goals of $6 billion in annual sales by 2017.

Wells Fargo analyst Matt Nemer called Target’s Canada business “a work in progress.”

“Both the store tour and management commentary indicated that not only has the market launch performed well below plan, but the company has a lot on its plate to right the ship,” he wrote. Yet Nemer has kept his “outperform’’ rating on Target’s stock, though he has lowered his earnings estimates.

 

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PATRICK KENNEDY

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