Target (TGT)

Dec 23, 2021Trade Ideas

Target (TGT) has become a bargain at $217.75.

After pulling from a high of $268, the stock now sits at double bottom supporting dating back to early October 2021. Even RSI, MACD, and Williams’ %R are oversold at this point. In fact, the last few times these three indicators aligned in oversold territory, TGT bounced back. We saw it happen in October 2021, March 2021, October 2020, and in March 2020. We believe TGT could pivot higher, near-term, after become dropping too much, too fast.

In addition, over the last few weeks, Raymond James increased its price target on TGT to $290 from $285. DA Davidson also raised its target to $293 from $285.

As noted by, analysts at DA Davidson noted, “that margin pressures may persist but Q4 should be “the worst of it”, with supply chain issues becoming most pronounced in front of the rush to get goods in for the holidays but dissipating throughout 2022. Baker further notes that Target continues to take significant share, and that could accelerate next year.”

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