TARGET FALLS BELOW MA5 DESPITE RATING UPGRADE
Target Corp.’s stock is currently trading at 80.45-lower by 1.32% as compared to the previous closing price. In the pre-market trading session, the stock was trading lower by 1.25%. The stock has continued falling after the opening bell.
Deutsche Bank upgraded its rating on stocks of Target to buy from hold. The investment bank said the company is on a profitable growth pace that can be sustained through supply-chain efforts to lower fulfillment costs.
Deutsche Bank also said that the company’s investment in upgrading the technology at its stores will start to pay off. Target is scheduled to report its second-quarter earnings on 21st August. The company increased its Q2 earnings forecast by a penny to $1.63 per share. Stocks of Target are up about 22% year to date.
On the technical front, the current price is below the MA5. The current price is below the lower band of the Bollinger Bands and is heading downwards. The RSI is currently at 28.67% and suggests that the market can move in the downward direction.
TRADE SUGGESTION- LIMIT SELL AT 80.65 TAKE PROFIT AT 80.00 STOP LOSS AT 80.98