TD Cowen analyst Oliver Chen raised the price target on Target (NYSE: TGT) to $135.00 (from $100.00) while maintaining a Hold rating.

The analyst comments "Sound Ideas For Innovation, Execution Matters. Reinstating merchandising authority in apparel & home (together ~30% of mix) will be essential to drive positive comps & improve still-negative traffic trends. We remain Hold-rated but are hopeful & excited for “focused newness.” Valuation is modest at 16x, guidance seems appropriately modest, and increased investments should help traffic."