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Target shares ended the trading day Wednesday up more than 20%, after the retailer reported impressive profit growth and a spike in traffic that surpassed analysts' expectations. And at least one analyst thinks there's still more room to run.
"As painful as it is to upgrade a stock after such a move, we want to catch the next 20%, which we believe will be achieved as the company continues to prove to the market that it is a winner in this retail landscape," Citi analyst Paul Lejuez said in a note to clients Thursday.
Citi raised its price target to $103 from $80 and upgraded the company to a "Buy" rating from "Neutral." The stock closed Wednesday at $103 and was climbing about 1.5% in premarket trading Thursday morning.
Lejuez said Target's quarterly results this week show its "investments are paying off." He said Target's private brands and real estate located away from malls make it an attractive name in retail today.
Target is also well positioned to continue taking market share from struggling and bankrupt retailers such as Toys R Us and Gymboree, he said.
"Given the broad range of categories where Target has strong mindshare, they are also well positioned to take share from other closing retailers beyond department stores," Lejuez said.
Target shares are up more than 55% this year.