Takeaway: Ahead of Target CEO Gregg Steinhafel's ouster, Hedgeye retail analyst Brian McGough explained why he doesn't like shares of beleaguered TGT.

FLASHBACK: McGough 5 Slides Explaining Why We're Short Target | $TGT - TARGET cartoon

Full Statement from Target: 

  • “'Today we are announcing that, after extensive discussions, the board and Gregg Steinhafel have decided that now is the right time for new leadership at Target. Effective immediately, gregg [sic] will step down from his positions as Chairman of the Target board of directors, president and CEO.'"

Hedgeye retail analyst Brian McGough recently explained why we are short Target.

Learn more about becoming a Hedgeye subscriber.