In individuals, insanity is rare; but in groups, parties, nations and epochs, it is the rule. Friedrich Nietzsche
One reason for Mr. Market’s new faith in Target is online sales. For example, Target became one of eMarketer’s U.S. Top 10 online retailers for the first time in 2019. eMarketer predicts Target’s ecommerce grew by 24% to $8.34 billion in 2020.
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Significantly, Target is generating less cash. In particular, Target’s free cash flow fell from $1.755 billion on 3 August 2019 to $357 million on 2 November 2019. However, Target’s free cash flow rose from -$327 million on 4 May 2019.
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