Target shares rose 3.5% after Wolfe Research upgraded the stock to Outperform from Peer Perform, naming it a Top Pick with a Street-high $162 price target. Analyst Spencer Hanus cited better-run stores and positive new-customer trends, raising 2026 EPS estimate to $8.48 and 2027 to $9.52, above consensus. The upgrade follows first-quarter results showing net sales of $25.44 billion, up 6.7%, with comparable sales up 5.6% driven by 4.4% traffic growth and a 24.6% jump in high-margin non-merchandise revenue. Separately, Target announced a first-time multi-season collaboration with Abercrombie & Fitch's Hollister brand, launching nearly 60 products across apparel and Hollister-branded home and décor items. The stock closed at $134.12, up 3.4%.
Target CorporationWolfe Research upgraded Target to Outperform with a Street-high price target, citing better-run stores and positive trends.
Abercrombie & Fitch CompanyTarget's partnership with Hollister brand may boost Abercrombie & Fitch's brand exposure and sales through Target's distribution.