Target Co. (NYSE:TGT) was downgraded by investment analysts at Barclays from an “overweight” rating to an “underweight” rating in a report issued on Wednesday, The Fly reports. They currently have a $70.00 price objective on the retailer’s stock, down from their previous price objective of $90.00. Barclays’ price objective would indicate a potential downside of 16.27% from the stock’s current price.
Several hedge funds recently made changes to their positions in the stock. Community Bank & Trust of Waco, Texas bought a new stake in shares of Target during the fourth quarter valued at about $277,000. Reynolds Capital Management raised its stake in shares of Target by 39.3% in the fourth quarter. Reynolds Capital Management now owns 3,900 shares of the retailer’s stock valued at $283,000 after buying an additional 1,100 shares during the period. Ballentine Partners LLC raised its stake in shares of Target by 2.6% in the fourth quarter. Ballentine Partners LLC now owns 4,904 shares of the retailer’s stock valued at $357,000 after buying an additional 125 shares during the period. New England Research & Management raised its stake in shares of Target by 6.5% in the fourth quarter. New England Research & Management now owns 5,750 shares of the retailer’s stock valued at $418,000 after buying an additional 350 shares during the period. Finally, Carlson Capital Management raised its stake in shares of Target by 27.5% in the fourth quarter. Carlson Capital Management now owns 8,580 shares of the retailer’s stock valued at $623,000 after buying an additional 1,851 shares during the period.
Source: Financial Market News