Target (TGT) NewsBite - Downgrade Hurts TGT

Posted on Wednesday, July 23, 2008 10:13 AM

Target Corp (TGT) opened at $44.75. So far today the stock has hit a low of $44.11 and a high of $45.48. TGT is now trading at $45.48, down 0.48 (-1.04%). After hitting a one-year high of $68.50 in October, the stock hit a one-year low of $42.32 in July. Shares of TGT are trading lower this morning after a Credit Suisse analyst downgraded the stock to "Neutral" from "Outperform." Technical indicators for TGT are bearish and steady, while S&P gives the stock a neutral 3 STARS (out of 5) hold rating. If you’re looking for a hedged play on this stock, consider an October bear-call credit spread above the $57.50 range. TGT hasn’t been above $57.50 since December and has shown resistance around $49 recently. This trade could be risky if the economic situation gets better in the coming months, but even if that happens, this position could be protected by resistance TGT might find around its 200-day moving average, which is currently around $53 and falling. [LHF- Seven Summits Strategic Investments NewsBite]