Pershing ups stake in Target to 7.4%

By Lisa Kerner

Charlotte, N.C., July 16 - Target Corp. investors led by Pershing Square Capital Management, LP purchased 7,355,912 shares of the company's common stock between April 17 and July 10, priced from $58.13 to $66.76 per share, according to a schedule 13D filing with the Securities and Exchange Commission.

The reporting persons beneficially own 62,932,718 shares, or 7.4%, of the Minneapolis-based retailer's outstanding stock.

Pershing believes the stock is undervalued and intends to discuss with management ways to correct the undervaluation, the filing stated.

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