Bernstein analyst Dean Rosenblum initiated coverage of Target with an Outperform rating and $190 price target. The analyst is "cautiously bullish" on the U.S. hardlines / broadlines retail sector. Long-term fundamentals "remain sound," and both the grocery and home improvement subsectors are "surprisingly well-insulated" from e-commerce encroachment, Rosenblum tells investors in a research note. The analyst believes COVID impacts "have actually enhanced the long-term outlook" for the group. Recent share pullbacks, and the general macro uncertainty, "have created some potentially compelling entry points. With turbulence comes opportunity," writes Rosenblum.
Published first on TheFly
See the top stocks recommended by analysts >>
Read More on TGT:
- Target Stock (NYSE:TGT): Is There Any Value after Recent Plunge?
- Retailers Score a Win Through Black Friday Weekend
- 3 Best Retail Stocks to Own, Post Black Friday Frenzy
- Goldman finds small crowds, more promotions over Black Friday weekend
- Early notable gainers among liquid option names on November 28th