Aug 20 (Reuters) -

Target's ( TGT ) appointment of company veteran Michael

Fiddelke as CEO did little to enthuse Wall Street analysts as

they were pinning their hopes on an outsider to put the

struggling retailer

back on track.

Shares of Target ( TGT ) tumbled nearly 11% on Wednesday after

the announcement. Fiddelke replaces Brian Cornell, who is set to

retire as CEO later this year after nearly 10 years in the role.

"I know we're not realizing our full potential right now

and so I'm stepping into the role with a clear and urgent

commitment to build new momentum in the business and get back to

profitable growth," Fiddelke said.

Here are some analyst reactions to Target's ( TGT ) long-planned CEO

appointment:

Susannah Streeter, head of money and markets, Hargreaves

Lansdown:

"Although Michael Fiddelke is likely to be seen as a safe

pair of hands, having already overseen a big efficiency drive,

the appointment appears to have seriously underwhelmed

investors. There may have been hopes that a successor from a

rival in the market could have brought extra knowledge, insight

and energy, valuable assets at a time of intense competition."

Michael Baker, DA Davidson analyst:

"Target ( TGT ) went with an internal promotion as Brian Cornell

officially announced long-expected retirement," which was partly

leading to the drop in its shares, said Baker.

"That is not a knock on new CEO Michael Fiddelke, who

deserves a chance to prove himself. But, that announcement lacks

the pop that a significant external hire would provide."

Neil Saunders, managing director of research firm

GlobalData:

"We have very mixed feelings about this appointment. While

we think Fiddelke is talented and has a somewhat different take

on things compared to current CEO Brian Cornell, this is an

internal appointment that does not necessarily remedy the

problems of entrenched group think and the inward-looking

mindset that have plagued Target ( TGT ) for years."

Michael Lasser, analyst at UBS:

"Many in the market favored an external hire, arguing that

would be the only way to re-energize this retailer and

jump-start its strategic reinvention. Now, with the company's

decision to go internal, we think the market will now likely

question how its trajectory could change meaningfully."

Joe Feldman, analyst at Telsey Advisory Group:

"We are not surprised by the news, given Fiddelke had been

groomed to become CEO, evidenced by his multiple leadership

roles, including COO and CFO. We expect a smooth leadership

transition, although we are unsure of how Fiddelke will change

the strategy he helped create."

(Reporting by Juveria Tabassum in Bengaluru; Editing by Anil

D'Silva)