NEW YORK—Target will invest up to $5 billion this year in physical stores, remodels, new brands and expanding its online fulfilment as the discounter continues to drive sales growth and differentiate itself from rivals. The plans, announced Tuesday at its annual investor meeting held in New York, include opening 30 new stores, from midsize locations…
Target Raises Minimum Wage for Some Jobs to $24 an Hour
U.S. retailer Target Corp. announced on Monday that it will adopt a minimum wage system that would increase starting pay for some employees by as much as $9 an hour, with the highest pay going to hires in the most competitive markets. Target, which has roughly 1,900 stores and 350,000 employees in the United States,…
Target Ends Masking Requirement for Workers, Customers
Customers and workers at most Target stores no longer have to wear masks. The Minnesota-based retailer updated its policies on Feb. 21, saying masks won’t be required as long as local regulations don’t force stores to require them. “The health and safety of our guests and team members have been Target’s top priority throughout the…
BMO Capital Cuts Amazon Price Target by 12 Percent
BMO Capital analyst Daniel Salmon lowered the price target on Amazon.com Inc. to $3,600 from $4,100 but reiterated an Outperform rating on the shares. The price target implies an upside of 29 percent. The analyst is also reducing his FY22 EPS view to $42.99 from $65.04. The revision reflects his expectations of lower online stores and third-party seller revenues in…
Why This BofA Securities Analyst Is Cutting Airline Price Targets
The underlying fundamentals in the airline sector remain challenging. Against this backdrop, investors should focus on quality names such as Delta Air Lines, Inc., rather than those with higher operating and financial leverage like United Airlines Holdings Inc. and American Airlines Group Inc., according to BofA Securities. The Airlines Analyst Andrew Didora reiterated a Buy rating for…
FedEx Reinstates 2022 Profit Target, Shares Soar
LOS ANGELES—U.S. delivery firm FedEx Corp. reinstated its original fiscal 2022 forecast on Thursday, even as persistent labor woes chipped away profits ahead of the peak holiday season when the number of packages it handles often doubles. Shares in the company, which also reported flat year-over-year adjusted profit for the fiscal second quarter, were up…
Analysts Bump up Price Targets on Broadcom
Analysts lifted their price targets on Broadcom Inc., citing deal prospects and demand for its products. Goldman Sachs maintained a Buy and raised the price target from $589 to $670 (7.8 percent upside). Barclays analyst Blayne Curtis raised the price target to $650 from $540 (4.6 percent upside) and kept an Overweight. The company’s next…
Target Tames Global Supply Backups; Sales Surge 13.2 percent in Q3
NEW YORK—Target delivered another strong quarter, overcoming a slew of challenges from inflationary pressures to congested ports. Third-quarter profits rose nearly 47 percent, while sales increased 13.2 percent, both exceeding expectations and the Minneapolis company raised projections for fourth-quarter comparable-store sales. Target joins Walmart heading into the holiday shopping season with momentum. The biggest U.S….
Tastykakes Taken Off Shelves Following Discovery of Wire Contaminants
Flower Foods Inc. announced Wednesday that it was amending an earlier recall notice for Tastykake multi-pack cupcakes to include certain Krimpets products as well due to the potential presence of tiny fragments of metal mesh wire. The company has done this as a precautionary measure “following notification by a vendor of the possible contamination in…
4 Indicted in Alleged Target Gift Card Fraud Scheme
LOS ANGELES—Two Southland residents were arrested today in connection with an alleged fraud scheme that induced people into purchasing thousands of Target gift cards, which were then used at stores in Los Angeles and Orange counties to purchase electronics and other goods. Bowen Hu, 26, of Hacienda Heights, and Tairan Shi, 27, of Diamond Bar,…
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