Jefferies Upgrades Target (TGT) to Buy

Jefferies upgraded Target (NYSE: TGT) from Hold to Buy with a price target of $63 (up from $49).

The firm comments, "We think the downward EPS revision cycle is bottoming, sales are rebounding, even after adjusting for weather, pressure from Wal-Mart may not be as much as we thought, Canadian dilution is peaking, we have more clarity on credit income for this year, online execution is improving and maturing PFresh stores should see better cross-shopping, which could ease margin pressure."

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 $54.50 yesterday.

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