Target stock is weighing on retail ETFs today
Everywhere you look, there's carnage on Wall Street today. Retail exchange-traded fund (ETF) SPDR S&P Retail ETF (XRT) is getting the brunt of the heat, last seen down 8.7% at $65.24. It doesn't help when one of the ETF's most recognizable holdings is down more than 10%.
Target Corp (NYSE:TGT) stock is down 11.6% to trade at $93.92, and earlier fell to a five-year low of $93.26. TGT had been carving a channel of lower lows even before today's gap, as evidenced by seven-straight weekly losses coming into April, and is now heading for an eighth. The equity is down 30% in 2025 and 46% year-over-year.
Analysts have yet to adjust their stance, but should they, it could weigh on the shares. Of the 33 brokerages covering TGT, 16 still maintain a "buy" or better rating, with only one "sell" on the books. The stock's consensus 12-month price target of $135.13 is a 44% premium to its current perch, so bear notes could be imminent.
Options traders remain focused on calls. At the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), Target sports a 10-day call/put volume ratio of 3.47 that sits one percentage point from an annual high.
Today though, the skew is toward puts. At last check, over 43,000 puts have changed hands, volume that's four times the average intraday amount. The weekly 100-strike put is the most popular, while new positions are being bought to open at the June 80 put as well.