Target Plans to Buy Back Stock

Target Corp. here said last week its board has authorized a new $10 billion share repurchase program over the next three years. The buyback will involve more than 20% of the company's outstanding shares, Doug Scovanner, executive vice president and chief financial officer, told analysts during a conference call. Although it is a three-year program, he said Target expects to complete half

MINNEAPOLIS — Target Corp. here said last week its board has authorized a new $10 billion share repurchase program over the next three years.

The buyback will involve more than 20% of the company's outstanding shares, Doug Scovanner, executive vice president and chief financial officer, told analysts during a conference call.

Although it is a three-year program, he said Target expects to complete “half or more [of the buyback] by the end of 2008.”

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