Bullish option flow was detected in TGT stock on December 1, 2020.

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As Target Corporation wraps up its month-long “Black Friday Now” sale, the retailer announced plans for Cyber Monday and its largest-ever Cyber Week event. Target’s Cyber Week will kick off Sunday, Nov. 29, and run through Saturday, Dec. 5. The sale includes deep discounts on key categories and top items within electronics, toys, home decor, apparel, everyday essentials and more. New this year, Target is offering another way for guests to save even more through two digital “Flash Sales” on Cyber Monday, Nov. 30. These limited-time-only offers will give guests a chance to score some of the lowest prices of the season on dozens of items.

“We know many people are doing more of their holiday shopping online this year, so our biggest Cyber Week yet includes more deals and more ways to save than ever before,” said Rick Gomez, executive vice president and chief marketing, digital and strategy officer, Target. “Whether guests are buying gifts for everyone on their lists or shopping for themselves and their families, Target’s Cyber Week sale allows them to take advantage of some of our lowest prices of the season. And with safe, reliable same-day delivery and pickup options, we’re making it easy for guests to get their purchases quickly throughout the week.”

KeyBanc analyst Edward Yruma notes that the KBCM e-commerce team conducted its annual store and online checks over the weekend and as expected, store traffic was “the weakest that we have observed in 15+ years of store checks.” Adobe reports that online shopping on Black Friday rose between 20%-29%. Within retail, Yruma believes that Amazon (AMZN), Walmart (WMT), and Target (TGT) are all able to capture market share given robust e-commerce capabilities, and in the case of Walmart and Target, store pickup capabilities. Broadly speaking, the analyst thinks this could be a holiday of softer comps, but lower promotions given low industry inventory levels.

On November 24, 2020, Argus analyst Christopher Graja upgraded Target (TGT) to Buy from Hold with a $205 price target. The analyst notes that the company’s 4.5% increase in comparable transactions in Q3 is an “astoundingly good number” that highlights its growing relevance with shoppers. Graja adds that Target’s traffic was also “significantly stronger” than that of Walmart (WMT) while raising his Q4 EPS view to $2.10 from $1.68 and his FY21 EPS to $8.80 from $6.85 to reflect the company’s higher sales forecasts.

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