Wells Fargo upgraded Target (NYSE: TGT) from Market Perform to Outperform with a price target of $115.00.

The analyst comments "TGT has seen its share of volatility over the last few years as the stock has been plagued by underlying investor skepticism, but we believe the name is now poised to leg higher even after the strong reaction to today’s earnings. Our view is based on the following: 1) Q2 results provide the best evidence yet that management’s strategy is working. 2) Guidance looks conservative for the remainder of the year, as comp and margin momentum seem sustainable through the back half. 3) The company has earned itself a place in the select group of retail winners, as it looks poised to take share over the long-term. 4) Valuation still remains supportive of additional upside."

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 $85.53 yesterday.