COWEN CALLS TARGET A TOP RETAILER; STOCK FALLS
Target Corp.’s stock is currently trading at 106.24-lower by 0.53% as compared to the previous closing price. In the pre-market trading session, the stock was trading higher by 0.61%. The stock has erased all of its earlier gains and turned negative after the opening bell.
Investment bank Cowen raised its price target on the company’s stocks to $130 a share from $120 per share. The investment bank, however, reiterated an outperform rating on stocks of Target. Cowen’s price target represents an upside of 21.72% from the share’s previous closing price.
The investment bank targeted a new top three retailer on its Conviction List. Cowen has placed Target at No.1, followed by Walmart and Boot Barn. The investment bank called the retailer a top pick based on strong recent results and an improved profit margin outlook. Stocks of the company have rallied more than 63% year-to-date.
On the technical front, the RSI is currently at 57.42% and suggests that the market can move in the downward direction. The current price is below the MA5. The current price is below the middle line of the Bollinger Bands and is heading downwards.
TRADE SUGGESTION- LIMIT SELL AT 106.30 TAKE PROFIT AT 105.20 STOP LOSS AT 106.85