Target (TGT) PT Raised to $191 at UBS

UBS analyst Michael Lasser raised the price target on Target (NYSE: TGT) to $191.00 (from $174.00) while maintaining a Buy rating.

The analsyt commented, "We think TGT's fourth quarter results and '24 outlook were further evidence the company's recovery is well on its way, as visible not only in its continued margin recapture, but also in sequential sales improvement (especially in discretionary categories). Further, we came away from the company’s financial community meeting with refreshed conviction that its longer term outlook beyond '24 will be compelling, given its new growth initiatives, such as its redesigned membership program, with the addition of Target Circle 360, new unit growth pipeline, private label product introductions/expansions, remodels, and its Roundel ad business. Overall, even with today's move in the stock, we see potential upside to where shares are currently trading, given our view that TGT has a clear path to continue to improve its sales and profitability in the year ahead. Plus, it once again provided an achievable outlook that is consistent with the market's expectations. We believe these factors could be positive catalysts for the stock to continue to move higher."

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