Target Corp

TGT: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$789.00	Kbhn	Xtllkqmcj

Despite Near-Term Headwinds From Shrink and Mix, Target's Bigger Issue Is Long-Term Competition

Zain Akbari

May 28, 2023

Business Strategy and Outlook

Target has adapted to retail digitization, but we believe it faces a highly competitive environment with negligible customer switching costs, exacting pressure to elevate service while holding prices low. Without the scale of Walmart and Amazon or the differentiated business models that characterize moat-endowed defensive retailers we cover, we expect no-moat Target will be vulnerable to the competitive onslaught.

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