NEW YORK — Target Corp.'s remodeling program to add fresh produce at its general merchandise stores and its new credit card discount are exceeding expectations, according to a key retail analyst.
In a note published Wednesday, Citi Investment Research Deborah Weinswig wrote that Target is confident that both initiatives will drive profitability, based on a recent meeting with management. She reiterated her "Buy" rating on the stock.
"While the apparent pause in the economic recovery has caused management to plan their business more cautiously for (the second half), we believe that stronger sales in apparel and continued momentum with (the remodel) should result in strong earnings growth," Weinswig wrote.
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