Will Target (TGT) Stock Be Lifted by New CMO, Chief Digital Officer?
NEW YORK (TheStreet) -- Target (TGT) - Get Report shares are retreating 0.42% to $74.30 on Tuesday despite announcing earlier today that it has named Nordstrom (JWN) executive Mark Tritton as its new executive VP and CMO, ending a one-year search.
In his new role, Tritton will be in charge of enterprise buying, product design and development, sourcing, visual merchandising strategy and merchandising transformation and operations.
Previously, he was the executive VP and president of Nordstrom Product Group, where he had similar responsibilities.
"Over the past year, we've undergone an exhaustive search for a chief merchant, and I'm confident that Mark's experience and passion make him the right fit for Target's business and our team," Target CEO Brian Cornell said. "He's a bold, decisive leader, and he'll play a critical role in guiding Target's merchandising authority across all channels, ensuring we meet the ever-evolving wants and needs of our guests."
Along with this announcement, the company appointed Jason Goldberger to the newly-created position of chief digital officer. Both Tritton and Goldberger will start their new roles on June 5.
The retailer is expected to release its 2016 first quarter results on Wednesday before the market open. Wall Street is looking for earnings of $1.20 a share on revenue of $16.32.
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Separately, TheStreet Ratings currently has a "Buy" rating on the stock with a letter grade of A-.
The company's strengths can be seen in multiple areas, such as its notable return on equity, attractive valuation levels, largely solid financial position with reasonable debt levels by most measures, impressive record of earnings per share growth and compelling growth in net income. We feel its strengths outweigh the fact that the company shows weak operating cash flow.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this article's author.
You can view the full analysis from the report here: TGT
