Last year, Target had a difficult holiday season due to a data breach reported just before Christmas. This year, Target again plans to hire more than 70,000 workers, just as it did last year.
The retailer also plans to again begin its Black Friday sale at 6 p.m. on Thanksgiving, according to a company press release. Last year, the company opened its stores at 8 p.m. on Thanksgiving. In addition to opening early, Target is offering free shipping for all online orders placed through December 20. E-commerce has been a point of emphasis for the chain. In the second quarter of fiscal 2014, digital sales were up 30% from the same quarter the year before.
Total store sales for the final two months of 2014 are expected to rise only 4%. Stifel upgraded Target to a Buy rating from Hold with a price target of $76 on November 10.
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Target’s share price fell below its 50-day moving average during the market sell-off in mid-October and bounced off the 200-day moving average to test the 50-day moving average again. After testing the 50-day moving average for about two weeks, shares crossed over and shot up to a 52-week high of $68.28. The 50-day moving average read at $62.21 and the 200-day moving average read at $59.08.
Shares of Target were down about 0.5% at $66.82 in the noon hour Tuesday. The consensus analyst price target is $61.04, and the 52-week trading range is $54.66 to $68.28. The market cap is near $42 billion.
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