Target Rises 2% as HSBC Cites Traffic Recovery, Raises Target to $190

Target shares rose approximately 2% after HSBC upgraded the retailer to Buy from Hold. The bank raised its price target to $190 from $125. The new target implies potential upside of 22% from the stock’s previous close.

HSBC analyst Joe Thomas cited a “traffic-driven recovery” and said Target’s turnaround is gaining momentum. Recent growth came more from increased customer footfall than higher ticket values, suggesting the retailer is rebuilding its customer base. HSBC raised its fiscal 2027 earnings-per-share forecast to $10.61.