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Keith shorted TGT in the Hedgeye virtual portfolio on low-volume strength and a strong move higher for the majority of the sector.

With near-to-intermediate top-line trend results critical to this show-me story and March sales results on the horizon, we maintain our bearish outlook on Target. Not only has the company fallen short of Street expectations three months in a row, but is also has one of the more pronounced Easter shifts, with same store sales planned down mid-to-high single-digits in March followed by a mid-teens increase in April. Moreover, guidance for incremental comps of +200-400bps driven by growth in P-Fresh remodels and 5% reward penetration continues to appear aggressive.

TGT: Virtual Portfolio Update - TGT MoGrid 4 11

 

TGT: Virtual Portfolio Update - TGT VP 4 4 11