Cowen "Incrementally More Upbeat" Toward This Retail Powerhouse

Shorts also look to be in covering mode

by Emma Duncan

Published on Sep 26, 2019 at 9:22 AM

Retail powerhouse Target Corporation (NYSE:TGT) is at it again, this morning up 0.6% to trade at $107.47, after Cowen and Company named TGT a "top pick" and hiked its price target to $130 from $120. The firm said while the stock's strong chart performance helps, the main driver making them "incrementally more upbeat" is the company's recent strong quarterly results and improved margin outlook. Cowen joins a slew of already upbeat analysts covering Target stock; 11 "strong buy" ratings and just seven "hold," with not a single "sell" on the books.

At the moment, short sellers look to be in covering mode on Target stock. During the most recent reporting period short interest fell just 4%, and now accounts for 3.9% of its total available float. At the security's average pace of trading, it would take shorts just under four days to buy back their bearish bets.

On the charts, TGT has tacked on 61% and has had no fewer than three major bull gaps in 2019. In fact, the shares broke above brief pressure of its 120-day moving average back in May, and then used the same trendline as a floor of support during the first half of August. This positive price action paved the way to the equity's Sept. 6 record high of $110.94. What's more, just last week the shares saw another push higher after announcing a $5 billion share buyback plan.


a schaeffer's exclusive

PLAY TRENDS LIKE A PRO!

5 tips to leverage profits in this FREE insider report!


 
 

Partnercenter


NEW! Explore Schaeffer’s Partners' deals and get connected to top online brokerages with deals tailored exclusively for our readers.  Get answers to your questions regarding transfer fees, commission rates, programs and available discounts related to online trading services.

MORE | MARKETstories


The Trend Minting Millionaires -- But Who Is Really Paying?
Porter Stansberry is making a concerning prediction.
KEM Stocks Breaks Out Amid Buyout Buzz
Yageo group said it would buy Kemet in a $1.58 billion deal
FDA Delivers Another Blow to Solid Biosciences Stock
This is the second time a trial for the therapy has been placed on clinical hold in 2019
16-Hour "Jump Trades" Unlock New Profit Potential
Click to continue to advertiser's site.