Target Stock Soars to New Record After Bull Note

The equity is up over 58% year-over-year

Digital Content Manager
Aug 12, 2020 at 10:51 AM
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The shares of Target Corporation (NYSE: TGT) are up 1.6% at $133.79 this morning, earlier hitting an all-time-high of $135.11. The positive price action comes after J.P. Morgan Securities added the major retailer to is analyst focus list as a growth idea, or "overweight," and raise its price target to $154 from $135. The firm cited TGT's gains in grocery, beauty and other essential segments, proving it could retain the customers it gained during the pandemic. 

On the charts, Target shares have completely recovered from their early April lows near the $90 level. And though the security encountered resistance at the $123 mark for much of May and June, support from the 10-day moving average and $117 level helped the stock break through that ceiling in July. Longer term, TGT is performing incredibly well, and sports a 58.7% lead year-over-year. 

Analysts were optimistic toward the equity coming into today, with 11 of the 17 in coverage sporting a "strong buy" rating, and the remaining six carrying a tepid "hold" or worse. Meanwhile, the 12-month consensus price target of $131.09 is a 2% discount to current levels. 

That upbeat sentiment is echoed in the options pits, where calls are all the rage. TGT sports a 50-day call/put volume ratio of 2.27 at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), which sits in the 99th percentile of its annual range. This suggests a healthier-than-usual appetite for bullish bets of late.

 


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