Truist Securities analyst Scot Ciccarelli raised the price target on Target (NYSE: TGT) to $130.00 (from $123.00) while maintaining a Hold rating.

The analyst comments "Net/net – Target posted a strong qtr, including 5.6% comps, but benefited from easy comparisons (~4% comp decline), outsized tax refunds, and mini-fads like Pokémon. Hats off to the co's efforts to improve their merchandising, adding new SKUs, & on trying to improve the customer experience. However, the setup for the rest of the yr is more challenging as some of 1Q’s benefits fade. Further, with TGT’s re-rating to ~14-15x as most retail multiples have compressed, investors then need to decide if they would rather buy TGT at 14x-15x or, say Home Depot (HD, Buy) or Lowe's (LOW, Buy) at modestly higher multiples but in the midst of cyclical lows. PT to $130 from $123."