- Target Corporation (NYSE: TGT) surged to a record-high of $154.69 on Wednesday.
- Company reported that digital sales in the second quarter surged by 195%.
- Deutsche Bank, Credit Suisse, JP Morgan and other raised TGT price targets.
Retailer giant Target Corporation (NYSE: TGT) announced on Wednesday that digital sales in the second quarter soared by 195% to post a 24.3% growth in comparable sales. The company further added that the adjusted profit in Q2 was $3.38 per share. Boosted by these figures, TGT surged to a record high of $154.69 on Wednesday and closed $154.22 with a gain of 12.65%. In Thursday's premarket trading, TGT is up 1.47% at $156.48.
Commenting on the upbeat figures, "the biggest change we saw from Q1 to Q2 was the exceptional growth we saw in in-store shopping in an environment where many Americans were turning to digital to fulfil their needs," Chief Executive Officer Brian Cornell said.
Deutsche Bank raised its price target to $165 from $143, Credit Suisse hiked its target to $166 from $140 and the Citigroup and the JP Morgan bumped their targets to $176 and $169, respectively.
TGT stock forecast
The Relative Strength Index (RSI) indicator on the daily chart for TGT is at an all-time high near 85, suggesting that the stock could stage a technical correction before pushing higher. Additionally, profit-taking at the end of the week could also trigger a selloff. On the downside, the 20-day SMA could act as a dynamic support in the near-term. On the other hand, TGT price is currently in uncharted territory and banks' forecasts suggest that it's likely to climb above $160.
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