Wolfe Research upgraded Target (TGT) from "Peer Perform" to "Outperform" on June 23, 2026. The firm established a new price target of $162 per share. The upgrade reflects growing confidence in Target's sales recovery efforts and operational changes by new leadership. Analyst Spencer Hanus cited a more "compelling future" for the company. Hanus selected the stock as a "Top Pick" for the remainder of the year.
The new price target suggests a potential 25% upside from the stock's closing price on the previous day. The firm's positive outlook is partly based on Target's first positive same-store sales growth in five quarters. Target reported this growth in the first quarter of 2026. The upgrade provides a positive company-specific development amid a broader market downturn from technology stock sell-offs.