Target is selling Dermstore to Hut Group for $350 million
The shares of Target Corporation (NYSE:TGT) are up 0.4%, at $177.04 at last check, amid news that the company is selling its online retailer, Dermstore, to U.K.-based Hut Group for $350 million in cash. When we checked in with TGT just over a week ago, the stock had pulled back to a historically bullish trendline. Now, after bouncing off the $169 region, the equity has been slowly climbing back up toward its Dec. 1 record high of $181.17 -- on track for its fifth straight day of gains. Coming into today, Target stock is up 37.6% year-to-date.
The brokerage bunch is mostly bullish on TGT. Of the 18 analysts in coverage, 12 sport a "strong buy" on the stock, while the 12-month consensus price target of $182.73 is a 3.6% premium to current levels.
Elsewhere, the options pits are plenty confident. This is per TGT's 50-day call/put volume ratio of 2.79 at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), which sits higher than 92% of annual readings. This suggests that long calls are being picked up at a much faster-than-usual clip in relation to the past year.