NEW YORK (TheStreet) -- Shares of Target (TGT) were popping by 6.65% to $76.19 in late afternoon trading on Wednesday, after the discount retailer reported a top and bottom line beat for the 2016 third quarter before today's opening bell.
"They really performed quite well," Telsey Advisory senior managing director Joseph Feldman said on CNBC's "Power Lunch" this afternoon. Although the results were down year-over-year for the quarter, everyone was happy that it outperformed expectations.
Despite the run-up that the stock has had in the last couple of days, investors should still buy it here, he advised. The stock is up about 11% in the past five days.
"Our price target is $82 so we still see some further upside for it," he said. The firm also has an "outperform" rating on the stock.
The next big catalyst for Target will be the analyst day it mentioned hosting in New York City at the end of February, Feldman said. "That will be the next kind of catalyst where you'll be able to hear more good stuff about their future. There's a lot of things they're doing on the expense side. There's a lot of ways that they're helping to drive gross profit. So there's good trends that are happening at Target."
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