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1、CrispIdea|R E S E A R C HTarget CorpCompany NameTarget CorpTickerTGTFY2026Q1Stock RatingHOLDUnchangedIndustry ViewOverweightUnchanged12-Mo Price Target110.00UpgradeCMP(Jul 09,2025)102.43Potential Upside7%Market Cap(USD bn)46.3Shares O/S(Mn)454.452 Week High167.452 Week Low87.4Avg Volume(3M)74,72,474

2、Avg Volume(10 days)59,04,245P/E(ttm)11.2P/S(ttm)0.4P/B(mrq)3.1Forward P/E13.3IBES EPS(ttm)8.13Profit Margin(TTM)4.34%Operating Margin(TTM)8.66%Revenue(TTM in Mn)1,05,881Revenue per Share(TTM)230.8Qtrly Rev Growth(yoy)-3%Gross Profit(TTM in Mn)27,134EBITDA(TTM in Mn)9,453Net Income(TTM Mn)4,185Qtrly

3、Earnings YoY11.76%Retail Sector Research TeamAishwarya Dinesh-Retail&E-commerce Associate IShejal Ajmera,Head of RE Q U I T Y R E S E A R C H Retail|Discount Stores|Jul 14,2025Target CorpCircle of convenience grow as challenges loomWe maintain our“HOLD”rating for Target and upgrade our target price

4、to$110 from$102 which implies an upside potential of 7%for FY27.We derive our target price based on an EV/EBITDA of 7.4x,along with a forward earning multiple of 13.58x and an adj.EPS of$8.10 for FY27.Moreover,we expect an EV/EBITDA of 7.3x,along with a forward earning multiple of 14.80 x and an adj

5、.EPS of$7.40 for FY26.Our estimates are based on 1)Expands same day delivery;2)Challenges;3)Store investments and 4)Tackling tariff pressuresIndustry Analysis:Discount Stores are anticipated to reach$834.74bn by 2030,growing at a CAGR of 5.35%from 2023 to 2030.The global discount store market has fa

6、red well due to the impact of the economic recession on consumer spending patterns,and the industry has long offered price conscious consumers which is an alternative to expensive retail outfits.In recent years,the economic recession and its aftermath have meant that more and more consumers have joi