Wal-Mart Earnings Woes Signal Trouble at Target?

On Tuesday, investors were chattering about weakness in Wal-Mart and what it might mean for rival Target.

As you may know, the weak economy forced Wal-Mart to get very aggressive and absorb most price increases rather than pass them along.

Although a boon for shoppers, the decision weighed on profitability and was interpreted on Wall Street as a sign Wal-Mart shoppers are still reluctant to open their wallets.

Also noteworthy, visits to stores were down from a year earlier, although shoppers, on average, spent more per visit.

Do Wal-Mart earnings woes signal trouble at Target?

Citi analyst Deborah Weinswig tells us probably not. “Target is a different animal,” she says

Weinswig thinks the Street doesn't quite understand the Wal-Mart results.

She says the Street seems to have forgotten that Wal-Mart said at their analyst meeting that they were going to get more aggressive on pricing.

“We’re seeing a new Wal-Mart and they’re taking no prisoners. That’s what came through on the margins. I don’t think we’ll see that in Target,” she says.

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For Deborah Weinswig
An employee of Citigroup Global Markets or its affiliates is a trustee of Target Corp.

Citigroup Global Markets Inc. or its affiliates beneficially owns 1% or more of any class of common equity securities of JC Penney Co Inc, Saks Inc, SUPERVALU INC. This position reflects information available as of the prior business day.

Within the past 12 months, Citigroup Global Markets Inc. or its affiliates has acted as manager or co-manager of an offering of securities of Dollar General Corp., Target Corp, Wal-Mart Stores Inc.

Citigroup Global Markets Inc. or its affiliates has received compensation for investment banking services provided within the past 12 months from Dollar General Corp., Kroger Co, Target Corp, Wal-Mart Stores Inc.

Citigroup Global Markets Inc. or its affiliates expects to receive or intends to seek, within the next three months, compensation for investment banking services from Kroger Co.

Citigroup Global Markets Inc. or an affiliate received compensation for products and services other than investment banking services from Costco Wholesale Corp, CVS Caremark Corp, Dollar General Corp., JC Penney Co Inc, Kroger Co, Kohl's Corp, Macys Inc, SUPERVALU INC, Safeway Inc, Target Corp, Walgreen Co, Wal-Mart Stores Inc in the past 12 months.

Citigroup Global Markets Inc. currently has, or had within the past 12 months, the following as investment banking client(s): Dollar General Corp., Kroger Co, Target Corp, Wal-Mart Stores Inc.

Citigroup Global Markets Inc. currently has, or had within the past 12 months, the following as clients, and the services provided were non-investment banking, securities-related: Costco Wholesale Corp, CVS Caremark Corp, Dollar General Corp., JC Penney Co Inc, Kroger Co, Kohl's Corp, Macys Inc, Saks Inc, SUPERVALU INC, Safeway Inc, Target Corp, Walgreen Co, Wal-Mart Stores Inc.

Citigroup Global Markets Inc. currently has, or had within the past 12 months, the following as clients, and the services provided were non-investmentbanking, non-securities-related: Costco Wholesale Corp, CVS Caremark Corp, Dollar General Corp., JC Penney Co Inc, Kroger Co, Kohl's Corp, Macys Inc, SUPERVALU INC, Safeway Inc, Target Corp, Walgreen Co, Wal-Mart Stores Inc.

Citigroup Global Markets Inc. or an affiliate received compensation in the past 12 months from Dollar General Corp.

Analysts' compensation is determined based upon activities and services intended to benefit the investor clients of Citigroup Global Markets Inc. and its affiliates ("the Firm"). Like all Firm employees, analysts receive compensation that is impacted by overall firm profitability which includes investment banking revenues.

The Firm is a market maker in the publicly traded equity securities of Costco Wholesale Corp, CVS Caremark Corp, Macys Inc.

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