The pullback in Target 's stock, and potential near-term catalysts, create an attractive entry point for investors, according to Bank of America.
Target shares have bucked 2023's broader market uptrend, with shares down nearly 27%.
Last month, Target said it will close nine stores in major cities due to increased violence and theft .
Still, Ohmes adjusted his price target to $135 from $120 a share, reflecting about 24% upside from Wednesday's close.
Among the potential catalysts for the upgrade, Ohmes cited expectations from improving traffic.
Persons:
Robert Ohmes, Ohmes, Michael Bloom
Organizations:
Bank of America, Target, Apparel &