Evercore ISI is initiating a positive tactical trade call on Target (TGT) and adding the stock to the firm’s “Tactical Outperform” list, reflecting rising shopping intentions for holiday from the firm’s latest survey as well as a positive inflection of web traffic from a negative low single digit trend to a positive mid-teen increase in December-to-date. The firm, which sees 8%-10% upside in Target to $140-$145 given its view that the firm’s spend intention survey was constructive overall on holiday shopping, has an In Line rating and $130 price target on Target shares.
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