Corporate Finance II

Valuation Thesis: Target Corp.

Agustín Bozzoli - Ramiro Sebo - Dante Passareli

Organizational Index:

1. Abstract.
2. Company description.
a. What is Target Corp?
b. What do they do?
3. Estimated Growth.
a. Is it a value or growth company?
b. Should we expect significant retail changes?
c. The market performance in the next year.
4. Positive qualities and competitive advantages.
5. Risks and industry vulnerabilities.
6. Valuation.
a. Fundamentals Value vs Market Value.
b. Dividend Yield.
7. Final remarks and disclosure.
8. Bibliography and references.

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 1. Abstract
Target has been punched several times during the last year while other companies from
the same sector have not been affected likewise. With this scenario, our analysis shows
that the firm is slightly undervalued and the crushes indeed were a product of market
overshooting during the cooled economy and the uncertainty of a probable recession in
the next year. Due to this, during these months, it would not be surprising to see a
decrease in the stock price as the purchasing power situation in the US right now is
alarming and probably going to affect the business revenue and gross profit in the short
term. On the other hand, it might be reasonable to see a recovery of stock price during the
next few years, whenever the crisis and inflation chaos ends. On a positive, there are
considerable chances to see dividend yield rising, as it has been in the past 53 years.

The determination of the corporation value might be totally subjective. Different analyses
can show different results and it is arduous to determine which one to use. However, the
more information gathered, the more accurate the valuation will be done; and this is the
aim of our thesis. Investors will be provided with the necessary tools to decide whether to
buy, hold or sell the equity. The method to infer the appraisal will be by dividend yield
(Comparing with the industry and with Target historical payout), focusing on the historical
data and the cash flow of the company.

In addition, this thesis was elaborated with all the relevant information as of November of
2022. While this work can be really useful for decision-making in the next few years, we
cannot promise some of the crucial factors will not change drastically in the future given
the current market.

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 2. Company Description
The Target Corporation is a retailer
company based in the United States.
Their first store was opened about
120 years ago in Minneapolis,
reaching nearly 1.933 nowadays. Even
though they are specialized in
domestic and household products,
there is a vast variety of goods in
which they are not only sellers, but
also producers.

Target also represents a not-minor part of the US labor force. Including not only the staff at
the stores, but also the executive employees, the firm employs more than 400.000 people.
The different working-teams have a great diversity of genders and ethnicities. The POC and
female representation is not only in the stores but also in the senior leadership, which has
strongly increased in recent years. This amount of employees is illustrative of the market
share the company sustains, leading in sales with CostCo and Walmart (the biggest). Other
firms like Amazon have surpassed all of the mentioned ones with their e-commerce
business model, and become a bigger competitor for Target.

However, in order to compete in the new retailers world, the corporation has developed an
e-commerce platform where everybody can order the demanded wares and receive them
on the same day. The acquisition of Shipt in 2017 has simplified the shipping process,
allowing them to make same-day delivery of groceries.

Meanwhile, the executive management is led by Brian Cornell, the CEO and board
chairman of the business. He has been in the retail and consumer-product industry for
more than 30 years in companies like Pepsico, and recently postponed his retirement in
order to continue leading Target. Nowadays, he has an immense base-salary of 1.5 million
dollars, and last year (2021) the total amount almost touched 20 million U$D. Target is

3
legally obliged to present their top five salaries in the annual report. Salary.com
summarized this information: “As Chairman & Chief Executive Officer at TARGET CORP,
Brian C. Cornell made $19,758,766 in total compensation. Of this total $1,400,000 was
received as a salary, $3,996,440 was received as a bonus, $0 was received in stock options,
$13,749,937 was awarded as stock and $612,389 came from other types of compensation.
This information is according to proxy statements filed for the 2021 fiscal year”. To visually
show the numbers, here is a graphic to show how important stock compensation is.

The circular chart was also taken from the website named above.

As we suspected, in comparison with other consumer discretionary companies, Target pays

a huge amount of money to their executives. For example, Home Depot’s CEO earned less
than half of Brian Cornell´s compensation last year; and more experienced ones, like
Walmart’s, paid just a few more in stock awards but approximately the same if we just take
their base salary.

The company by itself has more than 45 private labels. In order to create better
competition, they developed numerous brands that go from clothes or essentials to wines
and household appliances. The advantages of these labels is that they are much cheaper
than their alternatives. Also, they are produced by the same people that sell them which
turns into better margins making them more profitable. The following picture shows all the
owned brands taken from the financial statement of the company (10K):

4
In similarity with the previous issue, and concluding the introduction, this thesis focuses on
a large capitalization company of the consumer discretionary sector which is expanding the
horizons to e-commerce and delivery sales. Target has managed to become one of the
largest companies in the industry and everything seems like they will continue in that
position for a while. But consumer preferences are constantly changing and so is the
market and competitors in a sector like this one, in which it is necessary to keep innovating
and modernizing the brand.

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 3. Estimated Growth
a. Is it a value or growth company?

This business has indeed some statistics that could confuse investors to decide whether
Target fits into a value or growth company. However, we are not talking about a venture
capital company, so they are not here to make a breakthrough achievement that changes
the market in which it competes, as it could be in the tech sector for example. The
company is a 100 year old established retail business that has already expanded all over
the US and adapted to newer changes like e-commerce.
This leaves us with a value company, as it is explained by Aswath Damoradan: “If growth
companies get the bulk of their value from growth as growth assets, mature companies
must get the bulk of their value from existing investments” meaning that during the
transition when a company goes from growth to a value one, the growth component
appears in the possibility of the firm of taking debt and not being financed by equity
emission.
We are going to analyze the growth factor as “The little book of valuation” does but
avoiding the points that are not relevant to Target. Two of them are quite similar, the
established margins and the revenue growth approaching the economy growth. All the
aspects seem intuitive as the retail sector represents a big portion of the US GDP and the
company sells a massive variety of products, so there are numerous competitors for every
product shown in stores. This last remark means that the margins Target could get on
every product are not going to increase significantly from one day to the other. The other
relevant point is its debt capacity as Target is known for taking on new debt. The numbers
are not alarming as most of it can be repaid in a really short term with the cash used for
equity repurchase.
And last but not least, the American economy is growing every year with its ups and downs
(Like this year and maybe the next), so Target will do as well. You will not see a
“High-growth” company as some technologic companies have been in the last decades.
Nonetheless, the steadiness of this growth has been as stable as it gets and so it has been
that of Walmart (its closest competitor).

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 b. Should we expect significant retail changes?

The retail market is a traditional cornerstone of the US economy and will not be seeing any
structural changes. E-commerce has already happened, and every retailer has also found a
way to implement it to their businesses. Lockdowns and COVID-19 are over so people have
returned to their natural routines.
US consumers are not used to inflation being a problem. Most people would not have
considered inflation when doing groceries or shopping for clothes a year ago. Inflation over
prolonged periods of time can change consumer habits for a long time even if it slows or
stops. How much can these habits change? Depends on how long it keeps up and how high
it can get. The more these continue, the lesser time consumers take into account when
spending money.
Fortunately, as the FED1 said, they are doing everything in order to stop the increasing rise
of prices. The consequence of this? A coming recession but markets should not worry more
than usual. Target is a great essentials seller, and this sector is not being affected as much
as the others. The corporation is going to lose, but less than the other ones.

c. How do we expect the market to perform in the next year?

Our personal opinion is that turmoil in the market will go on for the next year. In January
we started with what was going to be just some ‘Transitory inflation’ due to the amount of
money printed through the pandemic and the market overheating during 2021. We had
expected that this would not be the case and that inflation would rise and last. The M22
growth and the size of the FED balance sheet from QE during 2020 was so astronomically
high that it was inevitable that sooner or later it would manifest in the rising of the CPI3.
Then the war on Ukraine and its effect on oil, commodities and the exclusion of Russia
from international trade only made everything darker by adding exogenous price
increases. Inflation creates friction, consumer preference changes and adds uncertainty
which ends up hurting the overall economy. Even if markets can go uncorrelated with the
general economy for months, this does not last forever. Also, the FED has recently said they
are setting higher interest rates until the inflation slows down, without caring about the

1
The Federal Reserve of the US
2
Money supply including banking deposits, cash and highly liquid assets
3
Consumer Price Index

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probability of a recession. To sum it up, markets had one of the worst years in recent
history and FED policy will not help them as its hawkish stance still seems strong. This
creates an opportunity to buy stocks with good fundamentals as they will perform better
under this turmoil and after it passes.

4. Positive qualities and competitive advantage

There are several reasons why the business has a solid and competitive strategy, beyond
it´s market value. Target has a significant position in the retail sector and major banks and
hedge funds have been noticing these qualities all over the years. We will focus on the 2
greatest characteristics the company has: Market position and dividend yield growth.

❖ Market Position

As it was explained in the company description, we are talking about a huge retailer that
employs more than 400.000 people. This means just one enterprise has nearly 0.25% of the
total labor force of the US. In consequence, whenever Target is facing big trouble, this
means that an enormous amount of families are in real danger. The government could not
allow this to happen, so in the worst case scenario the company would be rescued by the
government (Though it would be quite impossible to get to a situation like that). However,
getting into a more realistic universe, we are talking about a competitive but not
monopolist retailer, so the government knows how valuable this company is. Furthermore,
at a big and competitive scale there are not as many companies as some of you would
think, so indeed we are talking about an oligopolic sector in some ways. Even when
compared to its biggest competitor, Walmart, whose scale and number of people employed
are on another scale, Target found its way to differentiate itself in key consumer categories
that people go look in their stores.

Taking these points into account, plus the countrywide operations (USA) that has had for
decades now, makes Target an unbeatable competitor in their strong categories. Further
proof of this is the way it faced the rise of amazon and other online-only retailers years ago.
Target is not conceding market position any time soon but it will not gain significant market
share also.

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 ❖ Dividend yield growth:

We have talked enough about Target’s impeccable dividend history. The company has
yielded dividends forever, so has the growth in dividends per share, and will continue to do
so as its cash flow can sustain it. In case of a strong external unanticipated negative shock,
Target has enough cash to support its dividends from the huge amount of buybacks of
common stock (Payed 418.0 in dividends and spent 2,614.0 in repurchases, in millions).
Moreover, we can see that the executive committee has increased the dividend ratio when
the stock price was around 200$, but now the price is lower with the same payout. This last
statement means people can get significant profit not only with the stock price changes,
but also with the attractiveness of the dividend yield (which is their highest in history).

If we analyze the last 20 years of their dividend history we can find some interesting points.
First of all, they have never raised the annual payout less than 3%, which gives us some
brief air taking into account the uncertainty for the next payout. Secondly, concentrating on
those years where the US was in a recession period, we find out the dividend has grown 9%
from 2001 to 2002, during the dot-com recession. And in the subprime mortgage crisis (a
worse one) the amount boosted was 10% in 2009, from the previous year; and 27.27% for
the next one. This shows us how strong is Target when dividend is the matter.

Brian Cornell´s conference during the 2020 pandemic crisis.

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 5. Risks and Vulnerabilities

After explaining the advantages of the company against its competition, it is also necessary
to fully develop their vulnerabilities. For the purpose of making the lecture more friendly,
we will divide them in 3 sections: macroeconomic context, institutional investors and
stronger competitors.

❖ Macroeconomic context

During this thesis, this topic was developed several times, as it might be a crucial factor in
the company's value (Although it does not represent the fundamentals of it). So in order to
avoid repetition, this section will be brief. The recession itself is not directly affecting
Target´s valuation but the decisions Brian Cornell made and will make, can either glorify or
crush the entire corporation. Market value is totally different and depends mainly on
people's expectations, which is something the FED can easily manipulate.

Our goal is to infer the FED´s future policies so we can make decisions with it. The last crisis
experiences show us the US deals with inflation and high interest rates. The FED has a 2%
yearly inflation target4, which seems unreachable in 2022. But that target focuses on the
danger of deflation, so it is better to have a little rise in prices levels every year than the
consequences of a deflationary economy. Moreover, the FED usually keeps increasing
rates until the inflation stops for approximately 4 months. Later on, when this variable
starts to reduce for another 4 months, just then the Reserve starts to lower the rates.
Unless they change their policies scheme we have achieved a proper prediction of the
interest rate. The conclusions we can elucidate from the scheme is that the interest rates
will not be reduced until March (at least), but if inflation starts to go up again, this
conclusion could be useless.

❖ Institutional investors

One of the hardest problems Target is facing may be the stock ownership composition. The
reason for this appears in the complexity of solving this in the short/medium term, it could

4
“The Federal Open Market Committee (FOMC) judges that inflation of 2 percent over the longer run,
(...) is most consistent with the Federal Reserve’s mandate for maximum employment and price
stability.” The Federal Reserve FAQs

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last for years and the executive committee has done nothing to solve it. About 80% of the
total issued stock is owned by institutional investors but why is this a problem? Should not
this be considered as a favorable credibility aspect? Well, yes and no. On the one hand, this
means there are less speculators than in similar companies such as Walmart, where the
number is just 32.5%. On the other hand, this also means that whenever one of the
institutions with a big portion of equity decides to sell off, the stock price would be
immensely affected. Moreover, just 3 of these institutions hold nearly 25% of the public
equity, led by Vanguard Group with 9.2% of the shares. Another problem is that every time
large businesses control a big size of a company, the executive management responds to
these groups rather than the company's interests. This could be one of the reasons why
Target has been repurchasing equity at the time the corporation was overvalued, which
pushes up the price.

❖ Stronger competitors

As e-commerce has penetrated the retailer industry, corporations like Walmart and CostCo
(As well as Target) were threatened with the possibility of losing a big portion of the market
if people stopped going to the stores and started buying everything online. Fortunately, it
did not happen but the industry has changed and here is where Amazon appears. This
huge e-commerce provider is absolutely dominant in lots of different industries and the
retail sector is not the exception. Every product the other companies sell, Amazon can do it
as well and in many cases with lower prices. We also have to consider the tremendous
infrastructure and delivery power that this tech has, which means that Target is far away
from reaching that level of competitiveness.

Maybe the most significant problem when we compare Target against Amazon is the
inventories. Jeff Bezos was really clever by providing the online platform rather than the
physical space to the people interested in selling products. This policy helped Amazon to

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get profit without installing any stores, and also they were not selling private labels until a
few years ago. So, nowadays, the big tech firm is also a huge competitor in the retail sector.
Target, on the other side, cannot provide neither the variety nor the distribution
infrastructure that Amazon has, so some of the competitive advantages the company has,
are disappearing. Furthermore, the market has certainly cooled off from the shopping
frenzy of 2021, leaving many retailers, and Target especially, overstocked in inventories.
This has caused many frictions for daily operations, having overcrowded shelves, no space
left in the stores and so on. Because of this situation, Brian Cornell made the decision to
aggressively clear out inventories during the last quarter even though some of them were
sold under the initial cost, representing this as a non-common loss. It is undeniable that
this leaves certain internal vulnerabilities not only in the company but also in the stock
price (Which has been already punched).

6. Valuation
There are various different methods to estimate a company's valuation, from analyzing P/E
ratio to more complex models. It is essential to disclaim that most valuation models are
absolutely subjective (even the quantitative models) and the results interpretation diverge
for each analyst. This thesis will use dividend yield comparisons in order to achieve a range
of possible numbers. The comparison will be done with CostCo and Walmart, the most
relevant corporations in the industry and Target’s strongest competitors. These firms make
much more clear the opportunity cost of having Target stock (or any other stock) with an
alternative from the consumer discretionary sector.
In order to make a more complete investigation, we will focus on the following aspects of
Target, which are the ones we have been justifying throughout this work:

a-) Target financials and profitability.

b-) Comparison with corporations from the same sector.
c-) Historical Target policies on dividends.

Perhaps it might be obvious for some investors but Target will increase their dividend
payout ratio next year, as it has been for the last 53 years or commonly known as “Stable

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dividend policy”. However, in order to be sure this is going to happen it is necessary to
check their financials and see how safe this dividend is.
Let's see the dividend safety with some indicators. Taking a look into the payout ratio5, we
can see that represents 42,95%, this means that from all the earnings the company is
making, that amount is the percentage being paid to shareholders rather than reinvested
or used for repaying debt. Although the value seems high (It is) the truth is that in
comparison with Walmart, the number is quite similar and it does not seem irrational when
people remember we are talking about a value company. If we continue comparing these
two companies, and CostCo (Another consumer discretionary retailer) during the last 5
years, we can see how the yield evolutionates in this last cyclical economy:

Graphic taken from Seeking Alpha

The chart above illustrates the lowest point of Target's dividend yield by mid 2021, when
inflation was starting to escalate and the executive management was late to provide an
answer. At that point, the company was overvalued as the end of the pandemic resulted in
a massive growth in sales, which clearly, was temporary. However, while CostCo's dividend
might seem attractive in some periods, the instability of the yield makes other stocks more

5
The dividend per share paid to shareholders relative to earnings per share. With and without GAAP
principles the results were equal.

13
interesting. When the stock price is relatively high, the yield decreases, so investors
watching an overvalued stock would rather sell it before a price-correction happens.
To continue with the relevant stats, we have done the following tables comparing Target,
Walmart and CostCo. Every table has relevant information for the dividends payment, their
safety and if we expect Target to continue paying them in the future. The conclusions are
explained under it, as well as the comparison with the historical values for Target. The first
one focuses on revenue and cash-flow.

Cash Indicator6 Target ($TGT) Walmart ($WMT) CostCo ($COST)

Revenue (TTM) 107,855 M 587,824 M 226,954 M

Gross Profit (TTM) 28,285 M 144,594 M 27,572 M

Market Cap ($) 73 B 382 B 215 B

PEG7 Ratio 2.47 3.63 3.55

As it is represented above, there are many aspects that show the inconsistency of Target´s
market value. Taking a look into the revenue, the other companies are significantly bigger
in terms of market share, meaning this a huge disadvantage to Target. However, their gross
profit is much more different from what we could expect from just watching the revenue:
CostCo has a lower gross profit on the revenue mentioned before with more than double
of the revenue and market capitalization than Target. The numbers of these two companies
are not even close to Walmart’s but the PEG ratio is higher than the other ones. This last
statement means that during the last years, Walmart´s stock price has been growing more
than their earnings; and this gap between earnings and price is bigger than the one CostCo
has, and even more for Target. Our analyzed company offers to investors not only the
lowest P/E but also the most attractive PEG ratio between the three of them. This fact is
really important to the matter, as you can see below, the revenue and (More importantly)
the profit margin have been growing constantly all over the years, but the market
capitalization does not show the same.

6
We did not see relevant fluctuations in any indicator measured for TTM. Conclusions were not
affected by normalizing (or not) the data.
7
Classic Price/Earnings but expressed in growth rates.

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Here is where it is necessary to make the difference between the fundamentals value of
Target against its market value. When we think the business is being sustained properly
and all the data supports our conclusions, we need to step out from the market’s beliefs
and pay attention to the businesses that are going to prosper in the long term. As Charles
Munger said: “Over the long term, it's hard for a stock to earn a much better return than
the business which underlies it earns (...) the trick is getting into better businesses.” We
strongly agree with Charle’s ideas.
To continue expliciting these beliefs we have the next chart summarizing the total debt
against some relevant data of the 3 companies. Every indicator was taken as the 5 years
average of the values in order to normalize the fluctuant variables.

Debt Indicator Target ($TGT) Walmart ($WMT) CostCo ($COST)

Net Long
98.70% 78.69% -45.29%
Debt/EBITDA

Total Debt/Capital 55.10% 43.58% 35.10%

Total Debt/Equity 123.92% 78.25% 54.50%

Net Debt
192,5 M 573 M -49.4 M
Issued/Repaid

This table illustrates the monstrous amount of debt Target has in comparison to the
relevant companies of the sector. All of the three corporations are commonly considered
as value companies with all the capital already established and the revenue´s growth rates
slowing down. Something interesting to compare is their debt over EBITDA, in which Target
is specially getting trouble, taking into account that EBITDA will probably drop during the
economic recession. This indicator is relevant to see if the business can pay their total debt

15
with the earnings, without thinking of repurchasing equity or paying dividends. The levels
of debt for Target are slightly alarming but it could be paid in the short term without
destroying the company. The conclusion of the table above is that Target can continue
paying dividends, debt is not a limiting one (For now).
Finally, in order to get the real value of the company we will compare the actual dividends
policies with Target´s historical yields and estimate possible growth of the payout. The best
way to infer the number is by comparing the growth rate with similar recessions or crises,
for example 2008 or 2001 one. The dotcom recession was terrifying for the markets but it
was not the case for Target. The stock price dropped but not nearly as hard as most of the
tech companies. However, the dividends payout was raised by 9.09% from 2001 to 2002,
something many companies could not do. In addition, in the worst crisis of this century
they raised the value by 10% from 2008 to 2009 and 17.91% in 2020 with all the pandemic
recession, meaning that many of their stores were closed. If we consider the CAGR rates we
should be even more surprised: approximately 14% on the first two crises mentioned, an
amazing compound return. Since the 2000's, the minimum growth of dividends was nearly
3% before covid-19 (2018 and 2019), and later on they have astronomically raised it. So,
Target is providing us with a better dividend next year and if they stop repurchasing stock
(something advisable) their growth rate should be investor-attractive. To sum up, we will
not be astonished if the payout growth for the next year is at least 3% of the actual
number.
We end our valuation with a range of possible values we think are accurate for Target. As
the actual dividend yield is relatively high (in contrast with CostCo and Walmart) and the
market capitalization is not representative of the business, the company should have a
higher-than-actual valuation. With a stock price between $185 and $195, Target would
continue far from historical maximums but with a market cap near 77 B. Although this is
much more accurate than the actual market price, the actual quote has to grow by more
than 10%, something difficult in a recessionary context.

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The three big retailers of the US.

7. Final Remarks and Disclosure

After a long and exhaustive analysis, it is difficult to decide whether to hold, buy or sell the
stock as an investor. There are several factors to take into consideration, such as the
economic situation of the USA. Target is completely dependent on this variable and as days
elapse, the harder the situation turns, so the position to take seems unclear. Fortunately,
recessions do not last forever and the picture is different from that of 2008. It is very likely
we will have a bullish market again in a year or two approximately. The picture is not the
same for Europe, but that is not relevant for us. The fact is that aggregate demand of the
USA will drop eventually as the rates keep near 4% (This makes it more attractive to invest
in treasury bonds), and the inflation should be reduced for the same reasons. Despite the
policies affecting the consumer sector, when the recession becomes a priority issue,
interest rates are reduced by a significant amount of basic points, and we expect the US
government to act accordingly.

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The panorama is quite pessimistic and people have reasons to believe that. Target stock
(And many others of the consumer discretionary sector) will face a decrease in the next 5/6
months and the recovery will depend upon the level of the interest rate. Our
recommendation, for cash-holders, is to wait (At least) until the next speech of Jerome
Powell and consider opening a long position when the economic policies are somehow
clearer, perhaps in the mid-term . For stock owners, it is difficult to infer which the bottom
price will be, but if considered as a long term holding, then this bear market should not
scare the patient ones. However, if volatility keeps in high levels, options of the CBOE8 are
an interesting opportunity. Including monthly puts in the portfolio or selling short term
calls could be a successful hedging strategy. Well-known strategies such as covered calls or
prospective puts, are a successful way to keep value from the stock ownership. To sum up,
all things considered, we reckon that Target stock is a buy, although it might be advisable
to reduce the risk exposure with any of the strategies mentioned.

Finally, the last statement of this thesis centers on the importance of dividends when the
world remains risky. As learned by experience, markets are unpredictable; when everything
is rocketing people become not only optimistic but also emotional (and less rational),
whereas if markets go down, pessimism and panic arrives. For those who are risk averse,
dividend stocks are a smart way to keep value and get some pennies in the process. The
bigger the yield, the safer the portfolio. Here is where Target fits, as a remarkable dividend
stock.

Disclosure (1): To define the statement before.

1. Strong buy: we believe the stock price will appreciate and produce a total return of
at least 20% during the next 12-18 months.
2. Buy: we believe the stock price will appreciate and produce a total return of nearly
10% during the same period.
3. Neutral: Stock price is fairly valued/Could not get any relevant conclusion.
4. Sell: Stock price will decline nearly 10% in the period in interest.
5. Strong sell: Stock price will decline at least 20% in the same period.

8
Chicago Board Options Exchange

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Disclosure (2): We do not have a beneficial long/short position in $TGT, $WMT, $AMZN,
$COST neither through stock ownership, nor any options/derivatives. Every argument has
been written expressing our own opinions. We are not receiving compensation from any
entity or have a business relationship with Target or any company mentioned.

8. Bibliography and References

-The Little Book of Valuation, by Aswath Damoradan

● The Little Book of Valuation (utdt.edu)

-Seeking Alpha:

● Target Corporation (TGT) Stock Price Today, Quote & News | Seeking Alpha
● Target Stock Remains Risky Ahead Of Q2 Earnings Report (NYSE:TGT) | Seeking
Alpha
● https://seekingalpha.com/article/4539166-is-target-good-dividend-stock
● Target Stock: It's A Buy - Just Not Now (NYSE:TGT) | Seeking Alpha
● https://seekingalpha.com/article/4241695-using-average-dividend-yield-for-dividend
-growth-stock-valuation?source=copy_to_clipboard

-Target Investors Relations:

● 0000027419-22-000015 | 10-Q | Target Corporation

● Target Corporate: News, Careers, Investors, Sustainability & ESG
● TGT-2022.01.29-10K (target.com)
● Historical Financial Data - 2022 Q2 (target.com)

-Zacks:

● Target - TGT - Stock Price Today - Zacks

-Target Home page:

● Target : Expect More. Pay Less.

-FINVIZ: Financial Visualizations

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 ● TGT Target Corporation Stock Quote (finviz.com)

-Yahoo Finance:

● https://finance.yahoo.com/quote/TGT/news?p=TGT
● Positive week for Target Corporation (NYSE:TGT) institutional investors who lost 37%
over the past year (yahoo.com)

-Salary.com

● Compensation Information for Brian C. Cornell, Chairman & Chief Executive Officer
of TARGET CORP | Salary.com
● Compensation Information for C. Douglas McMillon, President and CEO of Walmart
Inc. | Salary.com
● Compensation Information for W. Craig Jelinek, President and Chief Executive
Officer of COSTCO WHOLESALE CORP | Salary.com

-Bloomberg:

● United States Rates & Bonds - Bloomberg

● Target Joins List of Boards With Majority Women and Minorities - Bloomberg

-Nasdaq:

● Target Corporation Common Stock (TGT) Dividend History | Nasdaq

-Guru-focus:

● https://www.gurufocus.com/stock/TGT/dividend

-Damodaran:

● https://pages.stern.nyu.edu/~adamodar/New_Home_Page/datacurrent.html

-The FED:

● The Fed - Why does the Federal Reserve aim for inflation of 2 percent over the
longer run?

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-Stock Analysis:

● Target Corporation (TGT) Statistics & Valuation Metrics - Stock Analysis

-Argus equity research report: Dogness International Corp. ($DOGZ)

-Argus equity research report: Society Pass Inc. ($SOPA)

-Dawson James Securities, International Research: Smith Micro Software, Inc ($SMSI)

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