Target shares gain for a third straight session on Thursday, company appoints Michael Fiddelke as its next Chief Financial Officer

Target Corp (TGT) said earlier this week that Michael Fiddelke had been appointed as its next Executive Vice President and Chief Financial Officer.

Having been part of Target’s team for over 15 years, Fiddelke most recently was senior vice president of operations. He is to replace Cathy Smith, who had earlier this year said she would step down.

Shares of Target Corp closed higher for a third consecutive trading session in New York on Thursday. The stock edged up 0.19% ($0.21) to $110.57, after touching an intraday low at $109.10, or a price level not seen since October 8th ($107.04).

Shares of Target Corporation have risen 67.30% so far in 2019 compared with a 17.20% gain for the benchmark index, S&P 500 (SPX).

In 2018, Target Corp’s stock went up 1.29%, thus, it again outperformed the S&P 500, which registered a 6.24% loss.

“After concluding an extensive global search, it’s clear that Michael is the right leader for this role,” Brian Cornell, Target Corp’s Chief Executive Officer, said in a statement, cited by CNBC.

“With his engineering training and his deep financial experience, Michael is extremely talented at diagnosing and solving complex organizational challenges and driving business results,” Cornell added.

Meanwhile, Target also said that its current Chief Merchandising Officer, Mark Tritton, would step down and assume the role of Chief Executive Officer at Bed Bath & Beyond. Tritton is to step into his new role on November 4th, a separate press release by the home goods retailer revealed.

Analyst stock price forecast and recommendation

According to CNN Money, the 23 analysts, offering 12-month forecasts regarding Target Corp’s stock price, have a median target of $115.00, with a high estimate of $130.00 and a low estimate of $85.00. The median estimate represents a 4.01% upside compared to the closing price of $110.57 on October 10th.

The same media also reported that at least 14 out of 26 surveyed investment analysts had rated Target Corp’s stock as “Buy”, while 9 – as “Hold”.