AI智能总结
Corey Tarlowe * | Equity Analyst(212) 323-7541 | ctarlowe@jefferies.comRandal J. Konik * | Equity Analyst(212) 708-2719 | rkonik@jefferies.comTy-Lynn Johnson * | Equity Associate+1 (212) 778-8339 | tjohnson2@jefferies.comKylie Cohu * | Equity Analyst(212) 778-8701 | kcohu@jefferies.comMantero Moreno-Cheek * | Equity Associate(212) 778-8407 | mmorenocheek@jefferies.comCarlos Gallagher * | Equity Associate+1 (786) 535-2025 | cgallagher1@jefferies.comMina Solujic * | Equity Associate+1 (212) 444-4298 | msolujic@jefferies.com MAXO IT:We expect to hear how the company plans to gain share via comp growth and unitexpansion, while margins have further upside opportunity, driven by the co.'s new DC and scalebenefits.TGT:Given its higher mix of discretionary categories relative to other discount retailers, we believethat hitting the right balance of price and assortment is key to TGT shares moving higher ahead.We'll also be listening for any comments from the CFO on puts and takes of TGT's FY adj. EPSguidance range of $7.00-$9.00.WMT:As WMT continues to execute its EDLP strategy, we'll be interested to hear about howcompetitive pricing dynamics are changing. In addition, we're eager to learn more from WMTInternational CEO and CFO about continued e-Commerce strength, momentum in FlipKart andPhonePe, and how the company is leveraging its learnings across the globe.Please see important disclosure information on pages 3 - 8 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. Company Valuation/RisksFor Important Disclosure information on companies recommended in this report, please visit our website at https://javatar.bluematrix.com/sellside/Disclosures.action or call 212.284.2300.Analyst Certification:I, Corey Tarlowe, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressedin this research report.I, Randal J. Konik, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressedin this research report.I, Ty-Lynn Johnson, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressedin this research report.I, Kylie Cohu, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressedin this research report.I, Mantero Moreno-Cheek, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) andsubject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or viewsexpressed in this research report.I, Carlos Gallagher, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressedin this research report.I, Mina Solujic, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressedin this research report.As is the case with all Jefferies employees, the analyst(s) responsible for the coverage of the financial instruments discussed in this report receives compensationbased in part on the overall performance of the firm, including investment banking income. We seek to update our research as appropriate, but various regulationsmay prevent us from doing so. Aside from certain industry reports published on a periodic basis, the large majority of reports are published at irregular intervalsas appropriate in the analyst's judgement.Investment Recommendation Record(Article 3(1)e and Article 7 of MAR)Recommendation PublishedRecommendation DistributedCompany Specific DisclosuresJefferies Financial Group Inc., its affiliates or subsidiaries make a market in the secur