Investors cheered Target's (NYSE: TGT) strong fourth-quarter results -- so much so that its stock price surged nearly 10% on the news. Could these gains be the beginning of a further rally in the retail-giant's shares? Let's see what some Wall Street analysts have to say.
Deutsche Bank analyst Krisztina Katai reiterated her buy rating on Target's stock. She now sees the department-store chain's share price rising roughly 57% to $353, up from a prior estimate of $305.
Katai was pleased with Target's ability to manage rising costs brought by a tight labor market and industrywide supply-chain challenges. Although the retailer's gross margin declined to 25.7% from 26.8% in the year-ago quarter, its operating margin improved to 6.8% from 6.5%.
Source Fool.com