Target price target raised to $195 from $180 at Baird

Baird analyst Peter Benedict raised the firm’s price target on Target to $195 from $180 and keeps an Outperform rating on the shares following the Q4 report and investor meeting. Coming off a "disappointing" fiscal 2022, Target’s cautious approach to guidance is understandable, the analyst tells investors in a research note. The firm sees an upward bias to numbers, particularly margins, in 2023 and says that longer term, Target’s enterprise efficiency tailwinds should support a return to pre-pandemic profitability levels over the next few years.