What happened
Shares of The Container Store (NYSE: TCS) were jumping 12% higher in afternoon trading Monday after an analyst at Goldman Sachs raised her price target on the organization ideas retailer 20% to $12 per share.
So what
While the target price increase undoubtedly helped the stock's momentum, The Container Store has been steadily rising since last fall and in the past month shares are up over 38%.
Image source: Getty Images.
Also helping lifting the stock was the rise in the broad market indexes, with the S&P 500 up almost 2%, the Dow Jones Industrial Average up 1%, or 300 points, and the Nasdaq Composite up 2.6%, or some 340 points.
A rising tide lifts all boats, and the combination of existing bullish sentiment and an increased outlook from Wall Street is helping to keep The Container Store on its upward trajectory.
Now what
Considering The Container Store's stock was already trading above $13 a share, and is now over $15, the boost by Goldman analyst Kate McShane amounts to closing the barn door after the horse has escaped. As she also maintained her neutral rating, it's as if she's trying to just keep pace with the retail stock before it runs away from her.
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Rich Duprey has no position in any of the stocks mentioned. The Motley Fool owns shares of The Container Store Group. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
