Target Opens Higher on Upgrade

Stock quotes in this article: TGT , WMT , AMZN  

NEW YORK (TheStreet) -- Target(TGT) was upgraded by Citi on Wednesday to buy as same-store sales trends improve, sending shares in the company higher immediately after the opening bell.

Citi lifted the discounter from sell and raised its price target to $61 to $44.

Target's increased focus in its food category has helped boost sales. Improved inventory levels in apparel and greater demand in home furnishing, a category that has been struggling over the past year, along with easier comparisons, could turn same-store sales positive next year.

Margins are also getting stronger from Target's private-label apparel.

Citi also cited better productivity such as improved labor scheduling, rigorous expense-line reviews, increased management accountability and in-store technology investments.

Target has been gearing up for the holiday season, lowering prices on key items like toys and books in an effort to compete with rivals like Wal-Mart Stores(WMT)and Amazon(AMZN).

-- Reported by Jeanine Poggi in New York

Follow TheStreet.com on Twitter and become a fan on Facebook.

  • Loading Comments...
  •  

SHARE:

  • email
  • print
  • comment
  • digg
  • delicious
  • buzz
Copyright 2009 TheStreet.com Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Recent Comments





Connect with TheStreet

Dow Jones S&P 500 NASDAQ 10-Year Note
10,741.98 1,159.90 2,374.41 36.93
Oil *
78.64
DOWN
37.19
DOWN
5.92
DOWN
16.87
UP
0.06
10 Yr
3.69%
SPDR Gold
108.28
-0.34%
-0.51%
-0.71%
+0.16%
Data delayed 20 minutes

More From TheStreet

Latest Headlines
  • Top Rated Stocks from TheStreet Ratings
  • Find returns with the Dividend Calendar

Brokerage Partners

TheStreet Premium Services

All Services