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  "documentTitle": "Target Corporation (TGT)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
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  "presentationDate": "2008-11-19 00:00:00",
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      "text": "In reviewing alternatives for Target, Pershing Square’s objective was to eliminate the stock market’s ascribed discount to the intrinsic value of Target’s real estate and allow the Company to:",
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      "text": "Retain complete control of its buildings and its brand\nRetain 100% flexibility with respect to its construction, remodeling, and relocation plans\nImprove the Company's free cash flow and access to capital\nIncrease the Company's ROIC and lower its cost of capital\nMaintain an investment grade credit rating\nIncrease the Company's EPS growth rate\nMinimize tax leakage and friction costs",
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      "evidence": "The document presents the limitations of the current transaction structure and Target's concerns regarding it.",
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