Some of the biggest losers of 2022 could be some of the biggest winners of 2023.

Look at Target (TGT), for example.

After getting pummeled for most of 2022, it’s up more $3 a share on the first of the new year.  For one, it seems most of the bad news has been priced into the stock. Better, Piper Sandler just upgraded the  TGT stock to overweight with a price target of $200.  And, analyst Edward Yruma said, “Target is rapidly shifting inventory composition away from discretionary categories as the consumer continues to shift away from those key categories.” 

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He also thinks that as Target pulls back on some of its promotional activity as we look ahead to 2023, that it will be able to regain 50% of its gross margin compression, as noted by Yahoo Finance.   TGT last traded at $152.12.  We’d like to see it run to $167.50, near-term.

Sincerely,

Ian Cooper