Target stock is named a "top pick" by Cowen and Company
Retail powerhouse Target Corporation (NYSE:TGT) is at it again, this morning up 0.6% to trade at $107.47, after Cowen and Company named TGT a "top pick" and hiked its price target to $130 from $120. The firm said while the stock's strong chart performance helps, the main driver making them "incrementally more upbeat" is the company's recent strong quarterly results and improved margin outlook. Cowen joins a slew of already upbeat analysts covering Target stock; 11 "strong buy" ratings and just seven "hold," with not a single "sell" on the books.
At the moment, short sellers look to be in covering mode on Target stock. During the most recent reporting period short interest fell just 4%, and now accounts for 3.9% of its total available float. At the security's average pace of trading, it would take shorts just under four days to buy back their bearish bets.
On the charts, TGT has tacked on 61% and has had no fewer than three major bull gaps in 2019. In fact, the shares broke above brief pressure of its 120-day moving average back in May, and then used the same trendline as a floor of support during the first half of August. This positive price action paved the way to the equity's Sept. 6 record high of $110.94. What's more, just last week the shares saw another push higher after announcing a $5 billion share buyback plan.