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Target's (TGT) Cyber Week Brings Huge Discounts & Digital Deals

The holiday period is crucial for retailers, and this year the season is quite unprecedented due to the COVID-19 threats. However, the ongoing pandemic did not dent consumer’s shopping fervor considerably. According to a CNBC report, Black Friday online sales made a record as consumers spent around $9 billion, per Adobe Analytics. This suggests an increase of 21.6% from last year. After Black Friday, all eyes are glued on Cyber Monday deals.

Analysts expect Cyber Monday to also make new records. Retailers are coming up with innovative offers to make the most of the event. Big-box retailer Target Corporation TGT, on Nov 29, unveiled plans for Cyber Monday and its largest-ever Cyber Week event, which will run through Dec 5.  The retailer is offering huge discounts on major categories and top items including electronics, home decor, apparel and everyday essentials, among others. For the first time ever, the company has announced two digital Flash Sales on Cyber Monday, so that guests can save more without stepping out of their houses in the wake of the coronavirus crisis.

Target’s top deals on Nov 29-30 included up to 50% discounts on electronics, 30% off on select accessories & apparel, and more. Offers on Nov 30 include 25% discount on select beauty & cosmetic products, extra 15% off on select small kitchen appliances and floor care articles, 25% off nutrition items and a lot more. Its new Digital Flash Sales on Nov 30 offers iRobot 695 for $274.99 coupled with huge discounts on Nordic Ware aluminum cookie sheets, select KitchenAid cutlery sets, select bObsweep floor care articles, select fire pits and Margaritaville blender.

Further, the company’s deals throughout the Cyber Week include discounts on select Lego products, power shave & dental items, handbags and more. There are offers on Disney toys and HP computer monitor as well.

We note that majority of the Cyber Week sale items are eligible for same-day delivery and pickup via the company’s Same-Day Delivery with Shipt, Order Pickup and Drive Up. These options have been gaining traction. In fact, the company has taken measures to make these services more safe and convenient. It has doubled the number of Drive Up spots at stores throughout the nation. Moreover, 150,000 shoppers are being added by Shipt in order to serve customers with smooth and personalized shopping experiences.

Undoubtedly, the company has been deploying resources to enhance omni-channel capabilities, refurbish stores and expand same-day delivery options to provide a seamless shopping experience. This Minneapolis, MN-based company’s shares have gained 19.4% in the past three months outperforming the industry’s 14% growth. Target currently displays a Zacks Rank #2 (Buy).

More Key Picks in Retail

Tapestry TPR has a long-term earnings growth rate of 9.3% and currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

L Brands LB, also a Zacks Rank #1 stock, has a long-term earnings growth rate of 13%.

TJX Companies TJX has a long-term earnings growth rate of 10.5% and a Zacks Rank #2.

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Target Corporation (TGT): Free Stock Analysis Report
 
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