Travis Hoium

They're not the high-end retailer.

They're sort of stuck in the middle.

So Lou's been talking about this K-shaped economy for decades.

Gosh, it must be almost a year now.

We're seeing this with Target.

Their results, not all that impressive on a trailing basis, but they are expecting a little bit of growth in 2026.

What did you take from the quarter at Target?

Yeah, Lou, this has been a strange one to watch because the valuation is really compelling.

Low, low double digits, price to earnings multiple.

That's why the stock, at least early in trading, was up on the news, despite the fact that we have a down day.

But Matt's right.

Guidance was for positive results, and it's just better than negative at this point.

Matt, do you think this is something that can be a turnaround story or

Are things just kind of too far gone?

Because you're not going to be able to have these mass discount retailers like you have with Walmart.

There's not room for two of them anymore.

There used to be three or four if you include Sears with that group as well.

That's what I sort of struggle with right now is...

What should management be doing?

You mentioned that they have a new CEO.