Target (NYSE:TGT) stock is on the rise Thursday after the company’s shares got an upgrade from Bank of America analyst Robert Ohmes.
The Bank of America analyst upgraded shares of TGT stock from a “neutral” rating to a “buy” rating today. To put that in perspective, the analyst consensus rating for TGT shares is a hold based on 31 opinions.
To go along with that upgrade, Ohmes increased his price target for TGT from $120 to $135 per share. That represents a potential upside of 24% for the stock from yesterday’s close. For comparison, the analyst consensus price prediction for TGT shares is $157 apiece.
What’s Behind the Bull Stance on TGT Stock?
Here’s what the Bank of America analyst had to say about Target stock in a note to clients obtained by CNBC:
“With the stock trading at just 12x 2yr forward earnings, we believe the risk/reward outlook has improved and see catalysts that could drive upside to our modestly above-consensus EPS estimates as well as P/E multiple expansion […] We also see potential for TGT’s ticket comps to turn positive given potential for improved sell through on lower inventory levels across the store and fewer promos.”
TGT stock is up 1.7% as of Thursday morning with some 1.4 million shares traded. The company’s daily average trading volume is around 4.9 million shares.
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
