Target gains after Wells Fargo upgrade

Target (TGT.US) stock jumped over 2.0% during today's session after Wells Fargo upgraded the retailer to overweight from equal weight with a price target of $195 per share, up from the prior $155 a share. The firm said investors are too down on the stock, which it considers a “proven share gainer.” Wells Fargo analyst believes that Targets share price could jump nearly 20% from current levels and pointed to four major factors:

“1) The company deserves some criticism for its inventory missteps, but it's not alone and management's decisive action should help protect pandemic share gains. 2) Target took the earliest and biggest margin hit in retail, suggesting relatively lower risk from here and a faster recovery. 3) Investors seem too pessimistic on recovery earnings; we see EPS of $12.70 when the dust settles in 2023 vs. a buy-side bar that seems closer to $11. 4) Favorable risk/reward”.

Target (TGT.US) stock lost over 48.0% in recent months, however buyers became more active last month. Nevertheless as long as the price sits below resistance at $180.00 main sentiment remains bearish. Source: xStation5

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