Oppenheimer moves Target back to ‘top pick’ after Q3 reset

Oppenheimer moved Target (TGT) back to “top pick status” while keeping an Outperform rating on the shares with a $165 price target The firm removed Target from its top pick ranking driven in part by apparel clearance inventory observations. With the reset out of the way, Oppenheimer sees a “very compelling risk/reward scenario developing.” The shares appear to be at or near a bottom amid negative investor sentiment and achievable Q4 guidance, the analyst tells investors in a research note.