Property value does not exist on type EventTarget in TypeScript

Question

So the following code is in Angular 4 and I can't figure out why it doesn't work the way as expected.

Here is a snippet of my handler:

onUpdatingServerName(event: Event) {
  console.log(event);
  this.newserverName = event.target.value; //this wont work
}

HTML element:

<input type="text" class="form-control" (input)="onUpdatingServerName($event)">

The code gives me the error:

Property 'value' does not exist on type 'EventTarget'.

But as it can be seen in the console.log that value does exist on the event.target.