On August 21, Target rose 3.02% in regular trading, trading at $163.15/share, with turnover of $220 million. The stock continued to gain momentum following its Q2 earnings report released on August 19 and a wave of analyst price target upgrades.

On the news front, multiple investment banks raised their price targets on Target after the retailer reported Q2 adjusted EPS of $4.11, far exceeding the consensus estimate of $2.34. Net sales of $26.54 billion grew 5.3% year-over-year, beating the expected $26.13 billion. The company raised full-year adjusted EPS guidance to $9.90-$10.90, well above its prior range of $7.50-$8.50 and the Street estimate of $8.52.

RBC Capital Markets noted that broad-based comparable sales growth signals further progress in Target's turnaround efforts. Evercore ISI raised its target to $170 from $150, Mizuho lifted to $150 from $122, and Barclays adjusted to $140 from $115. Comparable sales grew 3.8% versus the 2.43% consensus, with digital channel comps surging 8.7% and same-day delivery orders rising nearly 30%.

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