Truist Securities analyst Scot Ciccarelli raised the price target on Target (NYSE: TGT) to $121.00 (from $90.00) while maintaining a Hold rating.

The analyst comments "Target’s 4Q comps were in-line at (2.5%), with improvements in the qtr and a slight beat to mrgs. At the Investor Day, the co announced that they expect to invest $1b of op ex (and another $1b of cap ex) in CY26, in labor, training and remodels but that they expect to make this investment without a notable earnings reset. Our Deep Dive rpt estimated that they needed to invest “at least” $1.5b, but more investments are a step in the right direction. We suspect that more “investment spend” will be needed rather than just merchandising innovation. While avoiding a major reset is a positive, we still see earning risk. Remain Hold; PT to $121 from $90."