Target recent selloff ‘a significant overreaction,’ says Bernstein

Bernstein analyst Dean Rosenblum notes that has not been an easy 5 quarters for Target (TGT), and the recent controversy over the Pride program and resulting backlash from both ends of the political spectrum have only made things worse. Most recently, there have been reports that both the traffic data and credit card data through May and into June have been weak. Bernstein believes it is time to buy the stock as it thinks the recent selloff is “a significant overreaction.” The firm further says that it does “NOT think that TGT is another Bud Light” (BUD). Even if Q2 is soft, it’s already priced in, and the near-term outlook remains favorable, Bernstein adds.