Target is the retailer that has been left behind, with Walmart and Costco enjoying a massive uplift in multiples and Target experiencing only modest share price gains that haven’t beaten the index. Part of this is because of a lack of moat and some brand confusion, with Target pushing a value strategy on one hand and yet a more upmarket feel than Walmart on the other.

With sales growth having stagnated but earnings on the up, is there an opportunity here for Target as the forgotten retailer?

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