It was a rough start of the year for Target (TGT), and it was downhill for the stock since. Back in February, the discount retailer reported disappointing fourth-quarter results and guided for a profit decline in 2017. Since their year-to-date high of $74.24 on Jan. 4, shares went on a steady slide.
But now it looks like Target stock may be on the mend—since bottoming out at $48.56 in June, shares have rallied and are back up near $60 apiece. The company has been working to help better position itself for the future. Target is adding technology to its smartphone app to make it easier for shoppers to find what they’re looking for in stores. The company describes it as “GPS for your shopping cart.”
Another boost which could help: Target is hiring 100,000 seasonal workers and plans to raise its minimum hourly wage to $11 next month. A few years ago, rival Walmart gave its workers raises and saw its customer satisfaction rise. Happier workers translates to better service, which leads to happier customers, which means they spend more.
It’s been a rough year for Target stock, but shares may be on the mend. …read more
Read more here: Target Stock Looks Ready for a Rebound