The firm believes investors could pick up a 'proven share gainer into an underappreciated earnings recovery at the right price.'
It's time to snap up shares of Target at a bargain as they could surge nearly 20% from current levels, according to Wells Fargo. Analyst Edward Kelly upgraded shares of Target to overweight from equal weight, saying in a Monday note that the retailer is oversold. Target tumbled 25% after its calendar first-quarter earnings report, following a glut of inventory troubles that also hurt shares of Walmart and other retailers. Shares are down nearly 30% this year.
4) Favorable risk/reward," Kelly continued. The analyst also raised the price target by roughly 25%, to $195 from $155. The new price target represents nearly 20% upside from Friday's closing price. Shares jumped 1.4% in Monday premarket trading. To be sure, there are challenges ahead for the retailer. Wells Fargo's Kelly said difficulties executing on its digital strategy, as well as losing share to Amazon and Walmart, could hurt the company.
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