Target Corporation (NYSE: TGT) has had a good run in the stock market this year, with shares up roughly 50% compared to the start of the year. According to Telsey Advisory, however, the stock still has a few tricks up its sleeve.
On Friday, the New York-based brokerage reiterated its ‘outperform’ rating on Target and raised its price target to $305 that translates to more than 15% potential upside from here. The announcement comes only days after Target said it will cover 100% of college tuition for its workers.
Peter Najarian’s remarks on CNBC’s “Halftime Report”
On CNBC’s “Halftime Report”, optionMONSTER co-founder Peter Najarian underscored that Target had been stealing market share from giants like Amazon and Walmart this year. Fixating on how Target was doing “everything right”, he said:
“A lot of it has to do with the partnerships they’ve made and the fact that they continue to invest in the business. They said they’d be putting in $4.0 billion annually for remodelling, building stores, and working on different accesses for people to make it easier in terms of online.”
Target stock is still cheaper than Walmart
Najarian highlighted that Target’s price to earnings ratio currently stands at about 22 versus Walmart’s at 25 to conclude that the stock was still cheaper than Walmart and wasn’t “done yet”. Target is valued at more than $129 billion at the time of writing.
But Telsey or Najarian aren’t the only ones with a positive outlook on Target. Several others, including UBS and Mad Money host Jim Cramer, have appreciated the company’s strategy and performance in recent months.
The Minnesota-based retail corporation is scheduled to report it Q2 results next week, after record adjusted earnings in the first quarter, which made it raise its quarterly dividend by 32% in June.
The post Telsey Advisory sees more than 15% upside in Target stock appeared first on Invezz.
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Wajeeh Khan
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