Wells Fargo raised the firm’s price target on Target to $165 from $155 and keeps an Overweight rating on the shares. Shrink has been a problem for Target, but the firm sees reason for optimism in 2024. Mitigation to date should yield benefits, and recent testing of self-checkout changes holds further promise, Wells says. Further, the firm believes sales have yet to inflect, but margin upside buys time.
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