Take Aim at Target

I like Target (TGT Quote). I like the store, the company and the stock. But so does everyone else, and that makes me nervous.

Eighteen of 23 sell-side analysts rate Target a buy. None recommend selling it.

Of course, there aren't many reasons to take a negative stance on the retailer. Margins are increasing, sales and earnings are forecast to grow about 12% this year and the company's plans have been executed like a Texas felon -- especially in comparison to rival Wal-Mart (WMT Quote).

So assuming that when Target reports earnings Wednesday it matches or exceeds Wall Street estimates, that company's executives may want to wear flack jackets to protect themselves from all the back slapping that likely will take place on the conference call.

That doesn't necessarily mean the stock will jump. Investors have come to expect good news from Target, so the company will have to have really unexpected positive news for a big bump. But I suspect all will be copasetic and investors generally will be happy.

But not me. I'll be looking for something to be concerned about.

Before you Target bulls fire off angry emails, let me make clear that I'm not searching for a reason to be bearish. I'm not in cahoots with the shorts, or short the stock myself (per TSC's employee policy). I do, however, thrive on finding issues that investors should be alerted to, as I did recently with Under Armour (UA Quote) and last year with St. Joe (JOE Quote).