<p><strong>塔吉特</strong>(TGT -0.98%) 的股票在今年表現不佳，截至 5 月 9 日的一週內下跌了近 30%。多種因素共同導致了這一下跌，其中一些是宏觀經濟因素，另一些則是零售巨頭自身造成的。</p>
<p>高通脹的持續影響抑制了消費者需求，導致塔吉特在其 2024 財年（截至 2 月 1 日）收入下降 0.8%，降至 1066 億美元。特朗普總統的關税政策進一步給形勢注入了經濟不確定性。</p>
<p>不僅如此，塔吉特在 1 月份結束了其長期以來的多樣性、公平性和包容性（DEI）政策，疏遠了許多購物者。媒體報道表明，這一決定導致消費者抵制該連鎖店，從而顯著減少了今年店內的客流量。</p>
<p>這些因素對塔吉特的股價施加了下行壓力，但拋售為關注長期投資的投資者提供了買入機會。多個因素表明，該公司有望迎來繁榮的未來。以下是其中三個因素。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTcyODMvY29uc3VtZXItdXNpbmctcGhvbmUtd2hpbGUtc2hvcHBpbmctYXQtc3RvcmVfZ2V0dHlpbWFnZXMtMTQzNzk5MDg1MS0xMjAweDc4My0wMTQyNGY2LmpwZyZ3PTcwMA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTcyODMvY29uc3VtZXItdXNpbmctcGhvbmUtd2hpbGUtc2hvcHBpbmctYXQtc3RvcmVfZ2V0dHlpbWFnZXMtMTQzNzk5MDg1MS0xMjAweDc4My0wMTQyNGY2LmpwZyZ3PTcwMA"/></p>
<p>圖片來源：Getty Images。</p>
<h2>塔吉特的增長機會</h2>
<p>塔吉特無法控制宏觀經濟因素，但其對 DEI 的處理則是另一回事。意識到 1 月份決定的影響，塔吉特首席執行官布萊恩·康奈爾在 4 月份與民權領袖會面，並承諾在 7 月底之前兑現公司在 2020 年承諾投資 20 億美元於黑人企業的承諾。如果管理層能夠修復因撤回 DEI 政策而對品牌造成的損害，塔吉特就有機會反彈。然而，在那次會議後，一位關鍵參與者形容這次會議是一個良好的開端，但也表示他呼籲抵制繼續進行。</p>
<p>此外，該公司正在努力通過電子商務來增加銷售。塔吉特的數字收入穩步增長。在其 2024 財年，數字銷售佔收入的 20%，高於前一年的 18%。</p>
<p>儘管短期內面臨宏觀經濟逆風，但從長遠來看，預測顯示美國電子商務銷售將從今年的 1.3 萬億美元增長到 2029 年的 1.8 萬億美元。這對塔吉特的在線購物業務是個好兆頭。</p>
<p>此外，超過三分之一的顧客在店內使用塔吉特移動應用程序，而這些消費者每筆交易的平均消費比不使用應用程序的顧客高出 50%。這説明數字體驗和實體店體驗相輔相成。</p>
<p>説到實體店，它們仍然是塔吉特的核心業務——該零售商計劃在未來十年內增加 300 個門店。</p>
<h2>強大的生態系統</h2>
<p>如今的塔吉特不僅僅是一個實體店目的地。該公司構建了一個複雜的生態系統，旨在增強客户的親和力並推動更頻繁的購買。</p>
<p>這個生態系統的一部分是公司的免費忠誠度計劃——塔吉特圈。註冊該計劃的顧客可以獲得折扣和其他購物激勵。該計劃在 2024 年新增了 1300 萬名會員——而其忠誠度會員的平均消費是非會員的 3 倍。</p>
<p>忠誠度計劃產生的數據被塔吉特生態系統的另一個組成部分使用：Roundel，該零售商的內部數字廣告業務。Roundel 利用人工智能分析塔吉特圈的數據，併為每個消費者提供量身定製的廣告。</p>
<p>塔吉特並未透露 Roundel 的收入，但表示該業務在去年產生了 “近 20 億美元的價值”。由於 Roundel 迄今為止的成功，塔吉特預計將在未來五年內將該廣告代理的規模翻倍。</p>
<p>Roundel 在數字廣告領域的一個叫做零售媒體的領域運營。這裏的收入機會非常可觀。<strong>亞馬遜</strong> 在數字廣告銷售中產生了 140 億美元。行業預測估計，美國零售媒體市場將從 2024 年的 520 億美元擴展到 2028 年的 980 億美元，為 Roundel 提供了順風。</p>
<h2>股票估值具有吸引力</h2>
<p>購買塔吉特股票的最後一個理由是，目前的價格非常划算。查看其市盈率（P/E）比率就會發現這一點。這個指標是評估股票估值的常用手段，因為它告訴你投資者願意為公司最近的每一美元收益支付多少。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/543e48b6499a7af254c7482d4872a58b.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/543e48b6499a7af254c7482d4872a58b.png"/></p>
<p>數據來源：YCharts。</p>
<p>與競爭對手 <strong>沃爾瑪</strong> 和亞馬遜相比，塔吉特的市盈率在撰寫本文時顯著較低，這表明塔吉特的股票比其競爭對手更具價值。</p>
<p>現在購買塔吉特股票的人不僅能以吸引人的估值買入股票，還能在等待股價恢復的同時獲得可觀的被動收入。這是因為該公司支付股息——自 1967 年以來一直可靠支付。在當前股價下，該股息的收益率約為 4.5%，是 <strong>標準普爾 500</strong> 平均水平的三倍多。</p>
<p>塔吉特目前正經歷一段艱難時期。但從長遠來看，在線銷售增長、擴展的門店佈局、促進消費者忠誠度的生態系統以及不斷擴大的廣告業務都是推動其業務向前發展的因素。這些因素，加上引人注目的股票估值，使得塔吉特的股票成為值得長期投資的選擇。</p>

塔吉特

<p>塔吉特的股票今年因高通脹、收入下降和有爭議的政策變化而下跌近 30%。然而，該公司正專注於增長機會，包括承諾投資於黑人企業和擴大電子商務銷售，目前電子商務銷售佔收入的 20%。塔吉特的忠誠度計劃和內部廣告業務 Roundel 也在推動客户參與和收入增長。與競爭對手相比，塔吉特的市盈率較低，股息收益率約為 4.5%，這使得塔吉特股票對長期投資者而言是一個買入機會</p>

<p>Shares of <strong>Target</strong>(TGT -0.98%) have struggled this year, dropping by nearly 30% through the week ending May 9. A confluence of factors contributed to that decline, some of which were macroeconomic and others that were of the retail giant's own making.</p>
<div class="lb-trans"><p><strong>塔吉特</strong>(TGT -0.98%) 的股票在今年表現不佳，截至 5 月 9 日的一週內下跌了近 30%。多種因素共同導致了這一下跌，其中一些是宏觀經濟因素，另一些則是零售巨頭自身造成的。</p>
</div><p>The lingering impacts of high inflation curbed consumer demand, contributing to the 0.8% revenue decline to $106.6 billion that Target experienced in its fiscal 2024 (which ended Feb. 1). President Donald Trump's tariff policies are injecting further economic uncertainty into the situation.</p>
<div class="lb-trans"><p>高通脹的持續影響抑制了消費者需求，導致塔吉特在其 2024 財年（截至 2 月 1 日）收入下降 0.8%，降至 1066 億美元。特朗普總統的關税政策進一步給形勢注入了經濟不確定性。</p>
</div><p>Not only that, Target alienated many shoppers by ending its longstanding diversity, equity, and inclusion (DEI) policies in January. Media reports indicate that the decision has led to a notable decline in foot traffic in its stores this year as consumers have boycotted the chain in response.</p>
<div class="lb-trans"><p>不僅如此，塔吉特在 1 月份結束了其長期以來的多樣性、公平性和包容性（DEI）政策，疏遠了許多購物者。媒體報道表明，這一決定導致消費者抵制該連鎖店，從而顯著減少了今年店內的客流量。</p>
</div><p>These factors have put downward pressure on Target's stock price, but the sell-off presents a buying opportunity for investors who are focused on the long run. Several factors suggest the company is positioned for prosperous years ahead. Here's a look at three of them.</p>
<div class="lb-trans"><p>這些因素對塔吉特的股價施加了下行壓力，但拋售為關注長期投資的投資者提供了買入機會。多個因素表明，該公司有望迎來繁榮的未來。以下是其中三個因素。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTcyODMvY29uc3VtZXItdXNpbmctcGhvbmUtd2hpbGUtc2hvcHBpbmctYXQtc3RvcmVfZ2V0dHlpbWFnZXMtMTQzNzk5MDg1MS0xMjAweDc4My0wMTQyNGY2LmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F817283%2Fconsumer-using-phone-while-shopping-at-store_gettyimages-1437990851-1200x783-01424f6.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>圖片來源：Getty Images。</p>
</div><h2>Target's growth opportunities</h2>
<div class="lb-trans"><h2>塔吉特的增長機會</h2>
</div><p>Target can't control macroeconomic factors, but its approach to DEI is another story. Recognizing the impact of its January decision, Target CEO Brian Cornell met in April with civil rights leaders, and committed to fulfilling the company's 2020 promise to invest $2 billion into Black businesses by the end of July. If management can repair the damage it inflicted on its brand through its decision to retreat from its DEI policies, Target has a chance to rebound. Following that meeting, however, a key participant described it as a good start, but also said that he was calling for the boycotts to continue.</p>
<div class="lb-trans"><p>塔吉特無法控制宏觀經濟因素，但其對 DEI 的處理則是另一回事。意識到 1 月份決定的影響，塔吉特首席執行官布萊恩·康奈爾在 4 月份與民權領袖會面，並承諾在 7 月底之前兑現公司在 2020 年承諾投資 20 億美元於黑人企業的承諾。如果管理層能夠修復因撤回 DEI 政策而對品牌造成的損害，塔吉特就有機會反彈。然而，在那次會議後，一位關鍵參與者形容這次會議是一個良好的開端，但也表示他呼籲抵制繼續進行。</p>
</div><p>In addition, the company is working to grow sales through e-commerce. Target's digital income is steadily increasing. In its fiscal 2024, digital sales comprised 20% of revenue, up from 18% in the prior year.</p>
<div class="lb-trans"><p>此外，該公司正在努力通過電子商務來增加銷售。塔吉特的數字收入穩步增長。在其 2024 財年，數字銷售佔收入的 20%，高於前一年的 18%。</p>
</div><p>Although macroeconomic headwinds loom in the near term, over the long run, projections forecast that U.S. e-commerce sales will expand from $1.3 trillion this year to $1.8 trillion by 2029. That bodes well for Target's online shopping business.</p>
<div class="lb-trans"><p>儘管短期內面臨宏觀經濟逆風，但從長遠來看，預測顯示美國電子商務銷售將從今年的 1.3 萬億美元增長到 2029 年的 1.8 萬億美元。這對塔吉特的在線購物業務是個好兆頭。</p>
</div><p>Also, more than a third of its customers use the Target mobile app while in its stores, and these consumers spend, on average, 50% more per transaction than those who don't, according to the company. This illustrates how the digital and store experiences are complementing each other.</p>
<div class="lb-trans"><p>此外，超過三分之一的顧客在店內使用塔吉特移動應用程序，而這些消費者每筆交易的平均消費比不使用應用程序的顧客高出 50%。這説明數字體驗和實體店體驗相輔相成。</p>
</div><p>Speaking of stores, they remain Target's bread and butter -- and the retailer plans to add 300 locations over the next decade.</p>
<div class="lb-trans"><p>説到實體店，它們仍然是塔吉特的核心業務——該零售商計劃在未來十年內增加 300 個門店。</p>
</div><h2>A powerful ecosystem</h2>
<div class="lb-trans"><h2>強大的生態系統</h2>
</div><p>Today's Target is more than just a brick-and-mortar destination. The company has constructed a complex ecosystem designed to strengthen customer affinity and drive more frequent purchases.</p>
<div class="lb-trans"><p>如今的塔吉特不僅僅是一個實體店目的地。該公司構建了一個複雜的生態系統，旨在增強客户的親和力並推動更頻繁的購買。</p>
</div><p>One piece of this ecosystem involves the company's free loyalty program, Target Circle. Customers who sign up for it receive discounts and other incentives to shop at Target. The program acquired 13 million new members in 2024 -- and on average, its loyalty members spend 3 times more than nonmembers.</p>
<div class="lb-trans"><p>這個生態系統的一部分是公司的免費忠誠度計劃——塔吉特圈。註冊該計劃的顧客可以獲得折扣和其他購物激勵。該計劃在 2024 年新增了 1300 萬名會員——而其忠誠度會員的平均消費是非會員的 3 倍。</p>
</div><p>The loyalty program produces data used by another component of Target's ecosystem: Roundel, the retailer's in-house digital advertising business. Roundel employs artificial intelligence to analyze Target Circle data and deliver advertising tailored specifically for each consumer.</p>
<div class="lb-trans"><p>忠誠度計劃產生的數據被塔吉特生態系統的另一個組成部分使用：Roundel，該零售商的內部數字廣告業務。Roundel 利用人工智能分析塔吉特圈的數據，併為每個消費者提供量身定製的廣告。</p>
</div><p>Target doesn't divulge Roundel's revenue, but it noted this business produced &#34;nearly $2 billion in value last year.&#34; Because of Roundel's success to date, Target expects to double the ad agency's size over the next five years.</p>
<div class="lb-trans"><p>塔吉特並未透露 Roundel 的收入，但表示該業務在去年產生了 “近 20 億美元的價值”。由於 Roundel 迄今為止的成功，塔吉特預計將在未來五年內將該廣告代理的規模翻倍。</p>
</div><p>Roundel operates in an area of the digital advertising sector called retail media. The revenue opportunities here are substantial. <strong>Amazon</strong> generated $14 billion in digital ad sales. Industry forecasts estimate the U.S. retail media market will expand from $52 billion in 2024 to $98 billion by 2028, providing a tailwind to Roundel.</p>
<div class="lb-trans"><p>Roundel 在數字廣告領域的一個叫做零售媒體的領域運營。這裏的收入機會非常可觀。<strong>亞馬遜</strong> 在數字廣告銷售中產生了 140 億美元。行業預測估計，美國零售媒體市場將從 2024 年的 520 億美元擴展到 2028 年的 980 億美元，為 Roundel 提供了順風。</p>
</div><h2>The stock's valuation is attractive</h2>
<div class="lb-trans"><h2>股票估值具有吸引力</h2>
</div><p>One final reason to scoop up Target stock is that it's a bargain right now. A look at its price-to-earnings (P/E) ratio is revealing. This metric is a frequently used means of assessing stock valuation, as it tells you how much investors are willing to pay for a dollar's worth of a company's recent earnings.</p>
<div class="lb-trans"><p>購買塔吉特股票的最後一個理由是，目前的價格非常划算。查看其市盈率（P/E）比率就會發現這一點。這個指標是評估股票估值的常用手段，因為它告訴你投資者願意為公司最近的每一美元收益支付多少。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/543e48b6499a7af254c7482d4872a58b.png" alt="" original-src="https://media.ycharts.com/charts/543e48b6499a7af254c7482d4872a58b.png"/></p>
<p>Data by YCharts.</p>
<div class="lb-trans"><p>數據來源：YCharts。</p>
</div><p>Compared to competitors <strong>Walmart</strong> and Amazon, Target's P/E multiple is significantly lower at the time of this writing, suggesting Target shares are a better value than its rivals.</p>
<div class="lb-trans"><p>與競爭對手 <strong>沃爾瑪</strong> 和亞馬遜相比，塔吉特的市盈率在撰寫本文時顯著較低，這表明塔吉特的股票比其競爭對手更具價值。</p>
</div><p>Those who pick up Target shares now not only get the stock at an attractive valuation, they'll also get to collect an appealing passive income stream while waiting for the share price to recover. That's because the company pays a dividend -- and has reliably since 1967. And at the current share price, that dividend has a yield of around 4.5%, more than triple the <strong>S&amp;P 500</strong>'s average.</p>
<div class="lb-trans"><p>現在購買塔吉特股票的人不僅能以吸引人的估值買入股票，還能在等待股價恢復的同時獲得可觀的被動收入。這是因為該公司支付股息——自 1967 年以來一直可靠支付。在當前股價下，該股息的收益率約為 4.5%，是 <strong>標準普爾 500</strong> 平均水平的三倍多。</p>
</div><p>Target is going through a rough patch right now. But over the long haul, online sales growth, an expanding store footprint, an ecosystem that promotes consumer loyalty, and an expanding advertising business are factors that can propel its business forward. Those things, combined with a compelling stock valuation, make Target stock a worthwhile long-term investment.</p>
<div class="lb-trans"><p>塔吉特目前正經歷一段艱難時期。但從長遠來看，在線銷售增長、擴展的門店佈局、促進消費者忠誠度的生態系統以及不斷擴大的廣告業務都是推動其業務向前發展的因素。這些因素，加上引人注目的股票估值，使得塔吉特的股票成為值得長期投資的選擇。</p>
</div>

購買塔吉特股票的三個理由：抓住機會，刻不容緩