U.S. discount retailer Target (TGT) is lowering prices on 3,000 items ahead of the busy year-end holidays.
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Minneapolis, Minnesota-based Target says it is slashing prices on items ranging from food and beverages to household essentials and gift items as it tries to attract consumers who are gearing up for the holidays that run from Thanksgiving at the end of November through New Year’s Day on Jan. 1.
Target said in a news release that it is targeting U.S. consumers who are tightening their budgets and belts as economic uncertainties rise across America. In their recent third-quarter results, many retailers said they are preparing for tepid holiday sales as consumers rein in their spending amid stubborn inflation, elevated interest rates, and tariff impacts.
Thanksgiving Deals
Target says it is anticipating soft sales in November after food aid benefits lapsed due to the U.S. government shutdown in Washington, D.C. The company is responding by rolling out several deals aimed at the upcoming Thanksgiving holiday.
Target is offering a Thanksgiving meal that costs less than $5 per person. The company is selling a Thanksgiving meal kit that claims to feed four people at a total cost of $20. Rival Walmart (WMT) has rolled out a similar Thanksgiving meal option this November.
Last month (October), Target announced its first major layoffs in a decade, cutting 1,800 corporate jobs as it struggles with soft sales this year.
Is TGT Stock a Buy?
Target stock has a consensus Hold rating among 25 Wall Street analysts. That rating is based on seven Buy, 13 Hold, and five Sell recommendations issued in the last three months. The average TGT price target of $101.29 implies 10.33% upside from current levels.
