(NYSE: TGT) stock may be up by more than 23% in the last six months, but that doesn't tell the whole story. The retailer had such a rough past two years that the stock is still more than 30% below where it was to start 2022.

But Oppenheimer analyst Rupesh Parikh has been bullish on Target and just raised his price Target on the stock by $10 to $170 per share while maintaining a buy rating. That's about 13% higher than where the stock recently traded. With its fourth-quarter and full-year 2023 financial update coming on March 5, Parikh clearly thinks there's good news ahead.

Target has already made solid progress on improving inventory issues that led to lower profit margins as it was forced to unload product at fire-sale prices. Net earnings for the first nine months of 2023 were 45% higher than the prior year period. That was driven by higher operating margins as the company corrected its inventory situation.

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Source Fool.com