Target shareholder Pershing buys, sells shares

By Lisa Kerner

Charlotte, N.C., Feb. 9 - Target Corp. shareholder Pershing Square Capital Management, LP reported a 9.7% ownership interest in the company following a series of buy and sell transactions between Dec. 11 and Feb. 4.

Pershing beneficially owns 72,890,835 shares of the Minneapolis-based retailer's outstanding stock, according to a schedule 13D/A filed with the Securities and Exchange Commission.

The investor continues to believe in its fundamental investment case for Target and that the company's common stock is undervalued at current market prices, the filing said.

In October, Pershing suggested that Target spin off Target Inflation Protected Real Estate Investment Trust, a land-only and facilities services real estate investment trust that would include substantially all of Target's owned land, it was previously reported.

Target rejected Pershing's proposal.

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