Target tanks in Tuesday trading


The massive holiday data breach continues to cost Target. After another analyst downgraded its stock, Target shares hit a 52-week low in morning trading on Tuesday.

Businessweek reports Cowen and Co. lowered its rating on Target and its trimmed its price expectations. The Pioneer Press said that Cowan and Co. analyst Faye Landes cited anticipated costs from its massive data breach in her analysis. She added that she expects Target will have to suspend its stock buy-back program indefinitely. She believes Target will need to conserve cash to cover significant legal costs, which will come in addition to the expense of replacing compromised cards and computerized cash registers and providing credit monitoring to customers.

Credit ratings agencies will want Target to be conservative with its cash until the impact of the breach is clear, which Landes suspects could take years. Cowen cut its rating on the company's stock to "Underperform" from "Market Perform" and reduced its price target to $47 from $66.

Tuesday's downgrade was just the latest bad news for the Minneapolis-based discounter. Target stock has slipped by about 7 percent since it disclosed that thieves had hacked into its computer systems over the holidays, stealing card data and personal information from credit and debit card accounts from millions of Target customers.

On Monday, Erste Group cut its rating on Target shares from a buy to a hold. On Friday, UBS AG cut its price target on Target.

In morning trading Tuesday, Target shares were down $1.09 a share, or 1.8 percent, to $59.15. Earlier in the day, Target shares hit a 52-week low of $58.80.

Next Up

Jorge Polanco

Shoemaker, Twins lineup rebounds against Tigers

Jorge Polanco homered in a 7-3 victory over Detroit.

Kirill Kaprizov / Minnesota Wild

Watch: Kaprizov's OT winner lifts Wild into 2nd place in West

Kaprizov's goal gave the Wild a 3-2 victory over the Ducks.

Byron Buxton

Buxton placed on IL, Trevor Larnach called up

Buxton could be out "for weeks" with a hip strain.

A bald eagle perched on branches.

USFWS confirms 2 bald eagles were shot dead

The agency is offering a reward for information in the case.

A newborn baby, wrapped in a blanket with its mother.

Most popular baby names includes one not in top 10 for 100 years

But Olivia and Liam once again led the way for girls and boys.

Minnesota Lottery

Names of big Minnesota Lottery winners to be kept private thanks to new law

The Minnesota Legislature passed the bill unanimously and Gov. Tim Walz signed it into law this week.

FLickr - COVID-19 vaccination - Commander, U.S. Naval Forces

All 8 state COVID-19 vaccine sites now accept walk-ins

Adults can get a no-cost vaccine without making an appointment.


Report: Vikings owners nearing purchase of Orlando City MLS franchise

The Wilfs reportedly attempted to buy the Minnesota United expansion franchise years ago.

bemidji paul bunyan

Video shows the moment someone broke the Paul Bunyan statue's arm

Police are asking for the public's help to identify those involved.

bridgeman's food truck duluth

Last remaining Bridgeman's Restaurant is launching a food truck

The Duluth restaurant is the only remaining full-service Bridgeman's in business.

FLickr - electric drive vehicle charging - Open Grid Scheduler

Minnesota can move ahead with Clean Cars program, judge says

She recommended the proposed rules be adopted.