Retail giant Target (TGT) is about to have a changing of the guard, and already, whispers are running rampant about just who could be coming up to the big chair, taking over the CEO slot. Already, some believe one person in particular is a front-runner: Michael Fiddelke. The idea seems to be sitting well with shareholders, as shares were up nearly 1.5% in Tuesday afternoon’s trading.
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Back in September 2022, Target revealed that its CEO at the time, Brian Cornell, would be in place for three more years. This in turn means that Cornell’s shelf life is reaching its end, if it is not already there. “Three more years,” after all, need not be correct to the minute to be accurate. But that is prompting some to wonder who will step in, and one name seems to come up more often than most: Michael Fiddelke.
Fiddelke is currently chief operating officer, and has been part of Target’s operations for over 20 years. He has already worn a variety of hats, serving not only as COO, but also as CFO for a while concurrently. Being COO puts Fiddelke in charge of the supply chain, the various stores, the remodeling staff, and more besides. Fiddelke even runs a podcast where he interviews other members of the Target leadership staff. Melius Research vice president of equity research Jacob Aiken-Phillips noted, “It is definitely the feeling of most that Fiddelke is next in line.”
Branching Out Into Eyeglass Frames
In more immediate matters, Target is increasingly making a connection with eyeglass frame giant Warby Parker (WRBY). Target is bringing Warby Parker locations to several Target locations, and most recently set them up in suburban Chicago and in Bloomington.
Target customers interested in an eye exam, new glasses, or both kept coming in, and proved to do a brisk business over the course of the first day therein. Warby Parker’s chief retail and customer experience officer Sandy Gilsenan declared, “Our goal has always been to make eyewear and eye care as accessible and convenient as possible. From the beginning, Target’s customer-first mindset made them a natural partner for us.”
Is Target Stock a Good Buy?
Turning to Wall Street, analysts have a Moderate Buy consensus rating on TGT stock based on 10 Buys, 18 Holds and two Sells assigned in the past three months, as indicated by the graphic below. After a 25.45% loss in its share price over the past year, the average TGT price target of $102.79 per share implies 1.44% upside potential.
