As Target (NYSE: TGT) stores across the United States started selling the new Stanley Cup limited version for Starbucks (NASDAQ: SBUX), a number of employees took advantage of their position and put some of the items aside for themselves, friends, or family, with the scandal affecting the stock price.
To clean up its image, the retail behemoth has fired the offending employees for breaking the company policy that many of them claimed did not know about, and the price of its shares immediately started to move in the upward direction, according to the latest chart data retrieved on January 29.
Indeed, Target’s handbook says that “team members cannot use their status to gain an unfair advantage over guests when it comes to purchasing merchandise” and that the company prohibits “unacceptable purchase of promotional and/or high demand merchandise” while working, as Business Insider reported.
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Target stock price analysis and prediction
As a result, the price of Target stock started to rise, gaining over 3% across the week since the news of the layoffs came out, although it has failed to sustain these advances in the last 24 hours, during which it has lost 0.18%, and is currently changing hands at the price of $142.27.
It is also important to note that 25 Wall Street analysts offering 12-month price targets for TGT are bullish as well, predicting an average price of its stock would reach $152.25 within the next year, which would represent an increase of nearly 7% to its current price, with 14 of them rating it is a ‘buy.’
Indeed, the Target stock price has met many indicators promising its future growth, including outperforming 73% of the other 43 stocks in the consumer staples distribution and retail industry, demonstrating positive trends in both the short and long term, and is trading near the high of its last month’s range.
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