Weakness in Target Corp (NYSE: TGT) since late March is an opportunity to buy a quality name at a discount, as per analysts at Citi.
Target stock has upside to $180The investment firm raised its rating on the retail behemoth this morning to “buy”. Its shares, the analysts are convinced, could climb to $180 or 13% from here.
Citi turned bullish on Target stock today as its experts now see it on a stable path after a year or two of turbulence.
We believe $TGT has emerged as one of the winners within the retail landscape with an opportunity to improve EBIT margin in years to come (particularly in FY24).
Target shares have lost about 10% in just over a month but are still currently up more than 15% versus the start of 2024.
Watch here: https://www.youtube.com/embed/QYcnW8rNfx4?feature=oembedWhy else is he bullish on $TGT?Citi recommends owning Target stock as its inventory levels are now well-managed.
Favourable sales comparisons may also be a benefit for its share price moving forward, its analysts told clients in a research note on Tuesday.
$TGT is scheduled to report its financial results for the first quarter later this month. Consensus is for it to earn $2.02 a share versus $2.05 per share a year ago.
Note that Target Corp that’s partnered with Hudson’s Bay currently pays a dividend yield of 2.75% which makes up for another good reason to have it in your investment portfolio.
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