Jefferies Bumps Price Target On Target (TGT) to $49

Jefferies raised its price target on Target (NYSE: TGT) from $48 to $49 but kept its Hold rating.

The firm comments, "A 4.3% SSS increase in January topped our estimate for a 3% increase and consensus expectations for a 2.4% increase. Traffic increased significantly as the company lapped harsh weather from last January, but benefits were not quantified. We are starting to see a tick up in delinquencies in the credit card business, which is consistent with our expectations for lower profitability in the business next year."

For an analyst ratings summary and ratings history on Target click here. For more ratings news on Target click here.

Shares of Target closed at $52.00 yesterday, with a 52 week range of $45.28-$56.00.

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