J.P. Morgan upgraded its rating on the stock from neutral to overweight and hiked its target price from $81 to $100.
"In our view, TGT does not need to outrun AMZN for a revaluation, rather it needs to outcomp other home and apparel retailers, namely the mall based retailers, department stores, and specialty home retailers, for the valuation rerating to materialize," J.P. Morgan's Christopher Horvers said in a note to clients Thursday. "Its continued share gain...should help them outcomp its traditional retail peers and transition to the first bucket of retail.
J.P. Morgan breaks retailers into three categories. First, the expensive, best-in-class gainers with low Amazon-risk. Second, low Amazon-risk companies with questionable growth and margin outlook, and third, the structurally impaired bucket. Horvers is making the case for Target to move from bucket two to bucket one.on Wednesday. The stock soared nearly 10% as its same-store sales increased 4.8%, topping the forecast 4.2%.
Horvers pointed out that Target's 4.8% comps is one of the best so far in large-cap retail's first-quarter, with
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