Department store operator Target Corporation (
) saw its price target upped on Friday by analysts at
The firm said it now expects TGT shares, which had closed at
$55.07 on Thursday, to reach $79. Citigroup cited improving credit
trends and higher margins, which are a result of an expanded food
assortment, for the upgrade. The analyst currently rates the stock
as a "Buy."
Target shares fell 29 cents, or -0.5%, in premarket trading
The Bottom Line
We have avoided shares of TGT since our 2008 June coverage began,
when the stock was trading at $52.52. The company has a 1.23%
dividend yield, based on last night's closing stock price of
$55.07. The stock has technical support in the $48-$50 price area.
If the shares can firm up, we see overhead resistance around the
$55-$58 price levels. We would remain on the sidelines for now.
Target Corporation (
) is not recommended at this time, holding a Dividend.com DARS™
Rating of 3.4 out of 5 stars.
Be sure to visit our complete recommended list of the
Best Dividend Stocks
, as well as a detailed explanation of
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