“Keep an eye on Target,” we said on July 10. “Just yesterday, the retail stock popped about $3 a share and could push even higher. For one, as we near back to school season, TGT should benefit. And two, the retailer just partnered with Shopify, which is seen as a positive catalyst.”
At the time, TGT traded at around $145. By June 11, it was up to $151.25 and could easily push even higher from oversold conditions. Helping, analysts at Piper Sandler just initiated coverage of TGT with a neutral rating with a price target of $156.
Even better, Target just declared a quarterly dividend of $1.12 per common share, a 1.8% increase from the prior quarterly dividend of $1.10. It’s payable Sept. 10, 2024 to shareholders of record at the close of business August 21, 2024.
Last trading at $151.25, we’d like to see Target initially retest $160.
