NEW YORK, June 24, 2026, 17:23 EDT
- Target ended the session up 5.3% at $141.20, hitting a new 52-week high. The move outpaced the SPDR S&P Retail ETF, which added 2.9%.
- The close pushed Target 8.6% over Wall Street’s $130 median price target, and 4.5% above its $135.06 average, FactSet numbers show.
- Wolfe Research analyst Spencer Hanus raised his rating on Target to Outperform and set a $162 price target, calling the stock a top pick heading into year-end.
Target Corp’s shares have outpaced Wall Street’s baseline forecast.
The retailer finished Wednesday at $141.20, gaining $7.09, or 5.3%. Shares hit $141.25 during the day, the highest price in the past year. Trading volume reached 5.9 million shares, ahead of the 65-day average of 5.35 million.
Target ended the day above where the Street sees it going. FactSet data from the WSJ has a $130 median price target and an average of $135.06. Analysts tracked number 12 Buys, 26 Holds, one Underweight, and three Sell calls.
Why it matters: Target’s stock may need actual estimate bumps rather than just a shift in sentiment to drive the next move higher. Wolfe Research’s Spencer Hanus upgraded Target to Outperform from Peer Perform, which means he now thinks the stock can beat its industry rivals. Hanus set a price target of $162, implying roughly 14.7% upside from Wednesday’s close.
Hanus said Target is showing a “rhythm that we haven’t seen in years” and called the retailer “a destination once again.” He pointed to stronger store execution and faster summer resets. Wolfe is seeing a 3-to-1 skew in Target shares, with a bull case of $160 and downside risk to $120. TipRanks
Target’s non-merchandise sales jumped almost 25% in the first quarter, with growth from Roundel ad sales as well as Target Circle 360 and Target+ revenue. That’s revenue outside of direct goods sales. Merchandise sales were up 6.4%.
Margin got a lift from the mix. Target’s gross margin rate in the first quarter came in at 29.0%, up from 28.2% a year ago. That’s an 80 basis point jump. A basis point equals one-hundredth of a percentage point. The company pointed to more efficient supply chains, more advertising and non-merch revenue, and fewer markdowns.
Core store data helped bulls. Comparable sales were up 5.6% in the first quarter, including stores and digital channels open at least a year. Customer traffic climbed 4.4%. Digital comparable sales jumped 8.9%. Same-day delivery with Target Circle 360 surged over 27%. Target now sees 2026 sales growing about 4% and says earnings should hit near the high end of its $7.50 to $8.50 forecast.
Target’s price-to-earnings ratio sits at around 18.7, still trailing bigger rivals. Walmart’s P/E is up at 41.8, and Costco trades at 48.3. On Wednesday, Walmart shares slipped 0.3%. Costco added 0.3%. The S&P 500 ETF proxy eased 0.1%.
But shares have less cushion for disappointment after the rally. Wolfe’s bear case is $120, which is roughly 15% below where the stock closed Wednesday. Target cited more expensive products, higher pay, more field hours, extra training, higher capex, and stepped-up marketing as factors hurting first-quarter profit. CEO Michael Fiddelke said in May that “much more work” lies ahead and the company plans to stay “disciplined and flexible” with the environment still uncertain. Target Corporation
