$289 price target and buy rating

  • Shares of Target (NYSE:TGT) received a price target of $289 from Bank of America. These are the details.

Shares of Target (NYSE:TGT) received a price target of $289 from Bank of America. And Bank of America analyst Robert Ohmes reiterated a buy rating on the stock.

Ohmes called Target a top pick after the earnings report. And Ohmes listed the top 10 reasons to buy Target stock:

1.) The Target Stores as a Hub strategy works

2.) Same-day services continue to drive digital growth, making the business competitive for both Brick & Mortar retailers and Amazon

3.) Target continues to gain market share in food and beverages

4.) Target’s Curated Assortment Enables the Company to Generate Continuous Market Share Gains and Impressive Traffic Competitions

5.) Investments in store associates support the company’s omnichannel model

6.) Digital advertising is becoming more relevant and represents a long-term growth opportunity

7.) Target+ Marketplace and Target Circle Rewards Program Continue to Grow

8.) The growth opportunity of expanding stores and ongoing renovations should drive sales growth;

9.) Long-term macro trends remain favorable

10.) Valuation remains attractive, especially relative to return on invested capital (ROIC).

“We expect profitability to improve throughout the year as (the first half of the year) faces headwinds from tough stimulus-focused comparisons and continued supply chain pressures. procurement and other cost increases,” Ohmes wrote in a client note.

Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.

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