After slipping from about $180 to a recent to a recent low of $156.33, Target (SYM: TGT) is rebounding. Last trading at $160.91, we’d like to see it retest its prior high of $180. It’s also just starting to pivot from over-extensions on RSI, MACD, and Williams’ %R.
Helping, analysts at Citi just upgraded the retailer to a buy rating, noting the company has emerged as one of the retail winners. The firm added, “We believe TGT has emerged as one of the winners within the retail landscape with an opportunity to improve EBIT margin in the years to come,” as quoted by CNBC.
Bank of America also reiterated its Buy rating on TGT on the argument gross margins will expand as comparable sales inflect positive again, as noted by Seeking Alpha. The firm’s gross margin forecast is ahead of the Street numbers for both Q1 and for the full year.
