Ackman'sTarget Stake Down 43%

Pershing Square's Bill Ackman notified investors their stake in Target (TGT) is now down 43% to date and was down 36% in December alone

The interesting thing is that Ackman intimated he has no plans to sell any share. He own mosts of his stake through long term options, most of which expire in 2009 and 2010. According to Ackman he feels the stock could be "$120 in three years" and that the "value of its real estate alone is worth its current market cap".....

Disclosure: No stake in Target

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