Target Earns An Upgrade And 26% Price Target Bump By This Analyst

Wells Fargo analyst Edward Kelly upgraded Target Corp 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.
Photo Via Company

Analyst Calendar