Shares of retail giant Target (NYSE: TGT ) were down today after CEO Gregg Steinhafel announced his departure from the company. There are several reasons behind his departure -- failure to expand to Canada, and of course a devastating data breach late last year that left millions of Target customers exposed to hackers -- all of which boil down to the company's poor performance on the market. Shares of Target are down over 10% this year, while the broader market remains strong.
In today's video, Motley Fool analyst Michael Finarelli dives a bit deeper into Target and its recent struggles. Specifically, he doesn't like how the company has executed its Canadian expansion plans -- in fact, he's not a fan of competitor Wal-Mart's (NYSE: WMT ) international expansion attempts. While Wal-Mart has seen some revenue from foreign markets, Michael suspects the company is just chasing growth for the sake of top-line growth, and that's not in shareholders' best interests.
So should investors get in on the action at Target? Michael believes that a gap in management is never a good thing, especially for a company that's taking fire from all sides like Target is, and that investors would be best served by watching and waiting.
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