The retailer's worst days for markdowns and supply costs appears to be behind it.
The costs squeezing nearly every retailer are starting to resolve for Target as the chain discovers areas to grow, even during an economically challenging period, Jefferies said. Analyst Corey Tarlowe upgraded the stock to buy from hold with an increased price target of $185 from $170. The new forecast implies an upside of just under 24% over Target's last close.
But he noted executives saying the company has been able to reduce ownership in areas that would need markdowns to move inventory, making him confident of an improved outlook going forward. "We believe the majority of inventory-related issues are likely behind TGT and expect relatively lower markdown risk ahead vs other retail peers given the company's strategic initiatives around inventory," he said.
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