Wall Street has warmed up to the turnaround story for Target Corporation (NYSE: TGT) in 2026. Its stock has recovered handily after four years of pain. Target’s stock is now up just over 30% year-to-date to $130 and rallied 50% from its 2025 lows. Is there more to come? That rally is still just half of its 2021 peak value when the stock was above $260. There is always a chance the turnaround may not turn as fast as some investors hope, and good old profit-taking can always come into play. But…
A new CEO and a new creative director are both adding to some investor excitement again. Some opportunistic investors who buy individual stocks will be wondering if they missed the boat or if there is finally an “all-clear” verdict for Target’s turnaround. Wall Street is back to hiking their views rather than cutting them.
Last November was when Wall Street analysts were still knocking their price targets lower after multiple cuts before. That was also when the stock was bottoming out under $90. Then Target shares jumped above $100 at the start of 2026 to a June high of $135, before settling back down at $130 in recent days.
Oggonomics does not usually endorse chasing shares up based solely on analyst ratings and price targets. After all, it almost always seems to be the case that analysts chase their price targets during bad news and often miss the bottoming-out of a stock — only to start hiking their price targets when things are finally looking better.
WHAT INVESTORS ARE SEEING
There may be some other items at work other than just higher price targets here for you to decide if Target is now a good fit in the retail space or not. Here are some of the classic turnaround investor issues to consider here in mid-2026:
- Target’s old stock highs are still so much higher, allowing investors to see it could literally double without even hitting its all-time high.
- Target is valued just above 15-times current year earnings forecasts, and less than 15-times next year’s earnings estimates.
- After several years of stagnant revenues, both sales and earnings are expected to recover this year and next year.
- Investors are also getting better than a 3.5% dividend yield after a fresh hike, with 2026 set to be the 55th consecutive year of increasing its annual dividend.
- While Target hasn’t been chasing its own shares on repurchases in 2026, but it still had $8.3 billion remaining under its 2021 stock buyback plan. Will Target be its own stock backstop if the shares start to fall back down?
WALL STREET SPEAKS
Please note that all analyst opinions and price targets cited below have been issued by each firm in this report by name. Oggonomics issues no formal ratings nor issues formal price targets of its own on individual stocks.
A fresh analyst report on June 23, 2026 from Wolfe Research’s Spencer Hanus included a formal upgrade on Target. His rating was raised to Outperform from Peer Perform with a $162 price target, also naming Target a top stock pick into year-end. The report noted:
- Target is becoming a shopping destination again.
- Target’s future is also said to be increasingly compelling with improved execution as the new management team works its magic and shakes up the status quo.
- On the upside versus downside, Hanus sees a 3-to-1 skew in the shares — calling for upside up to $160 and only seeing the downside risk to $120.
- Wolfe’s estimate of “mid-$9 earnings per share possible in 2027” would put a forward valuation at less than 14-times his earnings forecast.
One June 11, Morgan Stanley also noted that Target’s consumer is proving to be resilient amid macro headwinds and that early merchandising changes are driving tangible progress. The firm noted that it’s prepared to hold its relative value positioning if/when the competitive environment intensifies, with Target Circle 1P data being key to the Roundel & Agentic Commerce strategies. Morgan Stanley reiterated its Overweight rating with a $150 price target.
Does that mean it’s finally time to buy the stock for more upside ahead? That’s up to each investor (and you know it’s never riskless right?), but here are the other price target hikes tracked over the last month:
- June 12 – Guggenheim (Buy) raised its target to $145 from $140
- May 21- Telsey Advisors (Outperform) raised its target to $150 from $148
- May 21 – Truist (Hold) raised its target to $130 from $123
- May 21 – DA Davidson (Buy) raised its target to $155 from $140
- May 21- RBC (Outperform) raised its target to $153 from $132
- May 21 – Goldman Sachs (Neutral) raised its target to $127 from $112
- May 21 – Piper Sandler (Neutral) raised its target to $127 from $121
- May 21 – Baird (Neutral) raised its target to $135 from $125
WHAT ELSE IS HAPPENING?
Target was also in the news recently for more than just a new CEO to kick off 2026. It recently added renowned fashion designer Isaac Mizrahi as Target’s first-ever creative director at large. His new role is much broader and will focus on a broader strengthening of Target’s design, products, and brand image.
Prior to other analyst price target hikes, Barron’s called Target as one of 6 Dividend Aristocrats to own on May 11. The reporting cited Target’s struggles in recent years and losing ground to rivals like Walmart, but also noted that some of the excitement behind its rally was in thanks to optimism about new CEO Michael Fiddelke taking charge at the start of February. Its shares were up about 23% year-to-date at that time.
THE STOCK IS OUTPERFORMING PEERS
And for a final comparison for Target’s stock gain of 30% YTD and 35% gain from a year ago, here is how Target has performed against other peers in its retail space:
- Walmart +5% YTD; +22% from a year ago
- Costco +10% YTD; -3% from a year ago
- BJ’s -7% YTD; -24% from a year ago
