TARGET STOCKS RISE ON RATING UPGRADES
Target’s stock is currently trading at 78.15-higher by 1.35% as compared to the previous closing price. In the pre-market trading session, the stock was trading higher by 2.9%. The stock has pared some of its earlier gains after the opening bell.
Investment bank Barclays upgraded Target’s stock on Monday. The bank upgraded the stock’s rating to overweight from equal weight. Barclays also raised its 12-month price target by $30 to $115 per share. The new target represents a 49% rise from Friday’s closing price of $77.12.
The bank upgraded the retailer’s stock since it is ahead of Amazon in same-day deliveries. Target also has built a supply chain that fulfills e-commerce primarily from stores which stand in contrast to most retailers.
On the technical front, the RSI is currently at 40.62% and suggests that the market can move in the upward direction. The current price is below the MA5. The current price is below the middle line of the Bollinger Bands but is heading upwards.
TRADE SUGGESTION- LIMIT BUY AT 77.60 TAKE PROFIT AT 78.60 STOP LOSS AT 77.10