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HSBC upgrades Target to Buy from Hold, raises price target to $190
What happened
HSBC analyst Joe Thomas upgraded Target (TGT) to Buy from Hold and raised his price target to $190 from $125, a 52% hike reflecting growing conviction in the turnaround. Target shares climbed roughly 2% Wednesday to around $157, building on a ~63% year-to-date run. Thomas cited the fiscal Q2 report, strong guidance, and foot-traffic-driven growth: comparable sales rose 3.8% on traffic, not price hikes, which he said shows Target is 'rebuilding customer traffic' without store-base cannibalization.
Why it matters & what’s next are part of Pro, along with the audio summary.
Start your free 14-day trialWho’s affected
- TGT — upgrade directly supports the shares; HSBC's $190 target implies ~20% upside from ~$157 levels; sympathy upside possible for large-cap retail peers (WMT, COST) as turnaround sentiment spreads