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    Home»Business»Mall retail stocks slide after Target warns on gloomy holiday quarter
    Business

    Mall retail stocks slide after Target warns on gloomy holiday quarter

    Todd LivingstonBy Todd LivingstonNovember 16, 2022No Comments2 Mins Read
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    Objectives

    Joe Raedle

    Purpose (NYSE: TGT) fell sharply on Wednesday after the retailer’s Q3 earnings report caught investors off guard with Walmart blowing expectations the day before. On Wall Street, what counts is that Target had more experience consumer discretionary spending and did not see the same commercial results as the Bentonville giant

    Citi analyst Paul Lejuez said TGT is one of his group’s top contenders, but he doesn’t expect it to dampen average expectations. “We believe that the project will put into question the issue of restoring the margin next year, even though the mgmt has called for $2-3BN in savings that they believe they can achieve in the next three years,” he warned.

    Meanwhile, MKM Partners warned that the pressure is on for Target (TGT) as the holiday season is already off to a rough start. “If TGT can’t explain what’s left during the Holiday shopping season, then next year’s numbers are much higher,” said analyst Bill Kirk.

    Quo Vadis analyst Jon Zolidsis said there may be no reason to expect TGT shares to bounce back and look more like outsiders than insiders. “We also think it’s premature to try to call for a positive recovery for consumers, when all signs point to things getting worse before they get better,” he added. However, long-term investors are expected to do well because of TGT’s ability to perform well when the environment changes.

    Shares of Target (TGT) were down 11.8% at 12:20 pm after making the initial decline of 17%.

    Seeking author Alpha ThinkValue demystifies why stocks trade around their value.

    Session clock: Stores fall with Target after a holiday quarter sales warning fueled concerns about lower reviews. Downers included Nordstrom (JWN) -10.2%Macy’s (M) -8.4%Kohl’s (KSS) -8.0%Express (EXPR) -7.4%Gap (GPS) -6.7%Burlington Stores (BURL) -6.5%Bed, Bath & Beyond (BBBY) -5.9%. Victoria’s Secret (VSCO) -5.5%Urban Outfitters (URBN) -5.5%Tilly’s (TLYS) -5.4%.

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    Todd Livingston

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