BMO Capital analyst Kelly Bania raised the firm’s price target on Target to $130 from $120 and keeps a Market Perform rating on the shares. The company delivered another earnings beat that was driven by stronger gross margins, but while its profitability is coming in ahead, there is also risk that it may be coming at the expense of lower sales/traffic, the analyst tells investors in a research note. This supports BMO’s longer-term “cautious stance” on the magnitude of sales to attach to the margin rebound, the firm adds.
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