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Major retail industry upset as Target’s top pick status plummets – find out why!

Major retail industry upset as Target’s top pick status plummets – find out why!

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Investing.com — Target Corporation (NYSE:) closed lower Monday after Oppenheimer ditched the discount retailer from its list of ‘top picks,’ citing concerns about increased promotional activity to clear excess inventory.
“We observed seemingly higher apparel clearance inventory at TGT and deeper markdowns (30-70%) plus an extra 20% off,” analysts at Oppenheimer said in a note on Monday as it removed Target shares from ‘top pick’ status.
The analysts flagged the rally in Target shares post the Q2 report as well as “unfavorable weather, consumer shifts to essentials around the port strikes, and potentially election related uncertainty” as potential factors contributing to softer results lately at Target.
The concerns come as the Oppenheimer’s visits to Target stores in Northern New Jersey provided further evidence of elevated clearance inventory and deeper markdowns consistent with checks in other regions, including the Midwest and Las Vegas.
Over the longer-term, the discount retailer remains on the list of the fashionable investment as Oppenheimer kept its outperform rating on the stock, and said it would take advantage of any weakness in the run up to the retailer’s quarterly results expected around Nov. 20.
Target Corporation closed 3.8% lower on Monday.!function(f,b,e,v,n,t,s){if(f.fbq)return;n=f.fbq=function(){n.callMethod? n.callMethod.apply(n,arguments):n.queue.push(arguments)};if(!f._fbq)f._fbq=n;n.push=n;n.loaded=!0;n.version=’2.0′;n.queue=();t=b.createElement(e);t.async=!0;t.src=v;s=b.getElementsByTagName(e)(0);s.parentNode.insertBefore(t,s)}(window, document,’script’,’https://connect.facebook.net/en_US/fbevents.js’);

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