Bank of America Securities analyst Robert Ohmes has maintained their bullish stance on TGT stock, giving a Buy rating on May 16.
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Robert Ohmes has given his Buy rating due to a combination of factors including Target’s attractive valuation and strategic initiatives that are expected to drive long-term growth. Despite a weak near-term outlook with forecasted earnings per share of $1.78 and a slight decline in comparable sales, Ohmes sees potential in Target’s efforts to expand its product assortment and digital marketplace.
Target’s initiatives, such as the expansion of its wellness assortment and partnerships with brands like Disney and Warby Parker, are anticipated to enhance its market position. Additionally, the growth of Target’s invite-only digital marketplace, Target+, is expected to bolster discretionary sales and digital advertising opportunities. Ohmes believes these factors, combined with Target’s reduced reliance on Chinese imports and potential for improved gross margins, justify the Buy rating, as they offer a favorable risk-reward profile for investors.
In another report released on May 16, Telsey Advisory also maintained a Buy rating on the stock with a $130.00 price target.
Based on the recent corporate insider activity of 57 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of TGT in relation to earlier this year.