JPMorgan analyst Christopher Horvers increased the target price of Target (TGT) from $135.00 to $154.00 while managing the Overweight rating and added the stock to the Analyst Focus List as a Growth Idea, mentioning ascending evidence of increases in shares across the board.
Horvers stated that their checks showed the mid-to-high teen IQ exit rate comp possibly maintained with a humble statement in food and beverage/ essentials offset by ongoing strength in the electronics, home and apparel. Resulting in the firm increasing its second quarterly comp calculations to 14%, versus the 7% consensus.
Horvers stated that the continued increases in shares of grocery, beauty and essentials combined with solid apparel/home comps will support the long-term share gainer bull case. This also supports their opinion that it can hold on to a large number of the clients it obtained during the height of the pandemic.