Target’s (NYSE:TGT) Average U.S. Revenue per Square Foot rose from about $388 in FY’20 to around $418 in FY’21. Trefis expects the number to rise marginally to about $421 in FY’21 and $423 in FY’22.
Target saw a surge in sales over FY’21 due to higher spending on goods through the Covid lockdowns, and the company’s decision to put its stores at the center of its omnichannel strategy, leveraging them for same-day pickup. However, we expect growth rates to slow going forward.
Target stock has rallied by almost 2x over the last year. However, we think all the stock is fully priced at current levels of around $260 per share.
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