Target’s Price Target Boosted at Citigroup (TGT)

By Dividend.com,  May 14, 2010, 09:12:08 AM EDT

Department store operator Target Corporation ( TGT ) saw its price target upped on Friday by analysts at Citigroup.

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 Friday.

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 ( TGT ) 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 our ratings system here .




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Stocks

Referenced Stocks: TGT



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