Sorry Kohl’s — these analysts think Nike and Target make a perfect match.
Target Corp. is scheduled to report third-quarter earnings on Wednesday before the opening bell, and analysts are bullish about the third quarter and holiday season.
“Currently, department stores such as Kohl’s Corp. and J.C. Penney are selling this type of Nike product; however, we believe they fail to meet the majority of Nike’s partnership requirements. Target could be an ideal retail partner to fill this void and replace Kohl’s and J.C. Penney, for example, to sell everyday Nike product in an experiential, frictionless way, in our view.
“[We] remain emboldened in our thesis that the brand’s distribution strategy perfectly aligns with Target’s heightened investment in both physical store experience as well as digital capabilities such as Drive Up,” Raymond James said.Target has an average stock rating of overweight with an average target price of $118.60, according to a FactSet survey of 27 analysts.Earnings: FactSet is forecasting earnings per share of $1.19, up from $1.09 last year.
“Note, overlap at Target has declined in four of the past six quarters, while the 137 basis point decline in Q3 is the biggest since inception of the survey,” Cowen wrote.The overlap grew at Walmart Inc. WMT, +1.16% , up to 82.9% overlap from 82.7% last year, the first year-over-year increase in six quarters.
Don’t miss: E.L.F. Beauty says it’s putting the $13.7 million it used to spend on stores to better use- UBS analysts say investors will be looking for Target to maintain the gains from a slew of store closures.
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