Keep an eye on oversold shares of Target (SYM: TGT).
After slipping from about $150 to $135.50, it appears to have caught strong support dating back to late 2023. It’s also oversold on RSI, MACD and Williams’ %R and could push aggressively higher, especially with the back to school season already here.
Also, while Wells Fargo and JPMorgan just lowered their price targets on TGT, that negativity appears to have been priced in. Helping, analysts at Truist raised their price target to $156.
Also, analysts at UBS just said the stock is attractive heading into earnings.
“We think Target’s setup heading into the second-quarter print [on Aug. 21] is favorable. The sentiment for the stock has been mixed. The market is grappling with recession fears, uncertainty related to tariffs, recent volatility in consumer spending, and the risk to the second-half outlook. We think this cautious sentiment has weighed on the stock, leading to an even more favorable risk-reward profile,” according to the firm, as noted by Barron’s.
