TGT Shares Fall Amid Store Hour Changes

U.S. stores now have designated hours for "vulnerable guests"

Deputy Editor
Mar 18, 2020 at 10:12 AM
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Target Corp (NYSE:TGT) announced it will reduce store hours across the U.S. in response to the coronavirus outbreak. In addition to the reduced hours, the retail giant will reserve the first hour of operation each Wednesday for “vulnerable guests,” which primarily consists of older adults and those health concerns. In response, TGT shares are down 4%, last seen trading at $99.47. 

On the charts, Target continues to decline after hitting an all-time high just above the $130 level in December. Additionally, the equity has found both support and resistance at its 10-day moving average, a trendline that has led to its 21% year-to-date deficit.

Meanwhile, analysts remain committed to TGT. Of the 20 reporting brokerages, 12 sport a “strong buy” position while the remaining eight recommend a “hold” and not a single "sell" on the books. Echoing this sentiment, the consensus 12-month price target of $127.84 currently sits at a nifty 23.36% premium to the stock’s current levels.

In the options pits, puts are favored. The equity shows a Schaeffer's put/call open interest ratio (SOIR) of 1.42, ranking in the elevated 84th percentile. In other words, short-term options players have rarely been more put-heavy during the last 12 months. It’s important to note that TGT has been extremely volatile during that past 12 months. This is based on its Schaeffer’s Volatility Scorecard (SVS) of 96 (out of 100).


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