巴克萊將Target評級下調至「減持」 維持目標價91美元
巴克萊銀行週一將美國零售商Target的評級由「持平」調降至「減持」，並維持目標股價在91美元。該行警告指出，除非Target進行重大戰略改革，否則可能會繼續面臨銷售疲軟和激烈競爭的壓力。
在對食品及日用品零售行業的全面審視中，巴克萊表示：「我們仍相信這類業務模式有其市場空間，但若缺乏更大規模的策略轉變，銷售表現可能會持續不佳。」
Target最近的表現已經落後於同行，不論是在消費品還是一般商品方面。根據巴克萊的分析，「同店銷售較第一季度有所改善（雖然仍為負增長，但幅度減少）」，但銷售趨勢在Target的常客群體中顯得最為疲弱。
巴克萊指出，該零售商面臨中長期的利潤率壓力，主要來自「日益激烈的競爭」，儘管與去年同期比較，可能會在下半年帶來一定的緩解。
該行補充，預計Target在第二季度業績發佈時會提供更多有關增長計劃的細節，但目前仍不清楚這是否需要額外投資。
儘管巴克萊承認存在數個上行風險，包括非必需品消費反彈、利潤率改善或競爭對手加速退出市場，但該行的盈利預測仍低於市場共識，預計2025財年每股收益為7.31美元，2026財年為7.58美元。
整體而言，巴克萊認為市場上有更好的投資機會。「我們偏好具備可持續價格優勢、便利性或產品組合優勢的企業，」分析師寫道，並補充目前行業內年初至今的強勁表現「已經消除了大部分顯著的估值分歧」。
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評論與分析
巴克萊對Target的評級下調反映了市場對傳統大型零售商面對電商競爭和消費者行為轉變的擔憂。Target雖然是美國零售業的龍頭之一，但在當前激烈的市場環境下，缺乏明顯的戰略突破將限制其增長潛力。尤其是對於常客群體銷售疲弱，意味著品牌忠誠度或顧客黏性可能在下降，這對於零售商的長期穩定收入構成威脅。
巴克萊強調需有「更大規模的策略轉變」，這可能指的是加大對數字化轉型的投資、提升線上線下整合體驗，或是重新定義產品組合以更貼近當代消費者需求。現時Target的競爭對手，如沃爾瑪和亞馬遜，已在價格、便利性和多元化產品方面建立了強大優勢，Target若不能快速調整，很難在競爭中脫穎而出。
此外，巴克萊對於整體行業的看法也值得關注：他們更青睞那些擁有可持續價格優勢及便利性的企業，這說明零售市場的核心競爭力正在從規模和傳統渠道轉向更靈活、高效的客戶體驗和供應鏈管理。對香港及亞洲市場的零售商來說，這同樣是一個警示，必須不斷創新和提升服務質素，才能在數字化浪潮中保持競爭力。
總結來說，巴克萊的報告提醒投資者，盡管Target仍有市場地位，但在缺乏明確轉型策略的情況下，股價表現可能持續受壓。投資者應該密切關注該公司未來的戰略方向及執行情況，並考慮行業內其他更具競爭力的標的。
以上文章由特價GPT API KEY所翻譯及撰寫。
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