Wolfe Research analyst Spencer Hanus reiterated a Peerperform rating on Target (NYSE: TGT)

The analyst commented, "Target guided their 2026 EPS above the Street after trends improved in February, with a "small" full-year SSS increase expected. TGT is forecasting EPS of $7.50-8.50, implying that Street estimates will move higher by roughly +5% with no "rebase" coming. Heading into the print, investors were bracing for a guide of $7, so this outlook is much better than feared. We think TGT should have taken down earnings and reinvested back into the business, which would have signaled real change at Target. However, with tariff costs to recapture, and productivity savings coupled with improving underlying trends, Target had all the cards to set expectations where they wanted to and moved higher. "

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Shares of Target closed at $113.17 yesterday.