Bernstein SocGen Group analyst Zhihan Ma reiterated a Market Perform rating and $124.00 price target on Target (NYSE: TGT).

The analyst commented: "Strong Q1 beat as expected; where to from here? As expected, Target delivered a strong beat in Q1. The company delivered a comp of 5.6% (above sellside consensus of 1.9% and buyside consensus of ~4-5%). Brick-andmortar growth accelerated to 4.7% while e-commerce growth accelerated to 8.9%. Gross margin increased by 80bps to 29.0% (30bps above expectations) given supply chain productivity, Roundel’s growth, and lower markdowns, partly offset by higher product costs. Adj. EBIT margin was 4.5% (70bps above consensus). Adj. EPS of $1.71 was a 28c beat (vs. previous guide of ~$1.30)."

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Shares of Target closed at $122.33 yesterday.