- Wells Fargo analyst Edward Kelly upgraded Target Corp (NYSE:TGT) to Overweight from Equal-Weight and raised the price target to $195 (16% upside) from $155.
- The analyst believes that management’s bold action should help protect pandemic share gains.
- Kelly added that TGT was first to respond to the sharp change in consumer spending patterns in April, as it took two upfront inventory charges in a matter of weeks.
- Kelly noted that TGT took the earliest and biggest margin hit in retail, suggesting relatively lower risk from here and a faster recovery.
- Kelly thinks the sell-off has provided the right opportunity to take up a proven share gainer into an underappreciated earnings recovery at the right price.
- Related: Why Shares of Target And Kohl’s Are Down Today Following Weak Walmart Guidance
- Price Action: TGT shares are trading higher by 2.25% at $167.05 on the last check Monday.
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