Target is the best retailer in this strong consumer economy, and it is prepared in the case of an economic downturn, according to Cowen.
The firm named Target its top retail stock idea headed into the second half of 2019. Cowen has an outperform rating on the stock and hiked its price target to $130 from $120. Shares of Target closed at $106.80 on Wednesday.
"Despite TGT's strong stock run, with shares up +63% YTD, we are incrementally more upbeat following strong recent results and an improved margin outlook," said Cowen equity strategist Oliver Chen in a note to clients.