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VIC NYC : William Ackman's Tom Brown Loves Target

By admin - Posted on November 30th, 2007
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At the Value Investing Congress, activist investor William Ackman, founder of hedge fund Pershing Square Capital, said he loves Target (NYSE: TGT) and he called the stock "extrodinarily cheap." Ackman said he now has a larger position in the retailer.

In a July 13D filing, Pershing Square controlled a 9.6% stake in Target, mostly through options. His latest filing showed Ackman owned about 3.5 million common shares of Target, or about 0.42% of the stock.

Following the involvement of Ackman in the stock, Target said they would review alternatives for their credit card receivables. The review is ongoing.

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