Target Corporation (TGT) shares are soaring 5.02% in Friday's trading session, riding a wave of optimism surrounding value-oriented retailers. This surge comes despite the company's recent report of weakening demand for big-ticket items, suggesting investors may be recalibrating their expectations for the retail giant.

The stock's upward movement appears to be influenced by broader trends in the retail sector. Walmart, Target's largest competitor, recently exceeded expectations and raised its earnings guidance, benefiting from higher-income consumers trading down to more affordable options. Similarly, TJX Companies, known for its off-price retail model, has also upgraded its outlook.

While Target had previously noted softening demand for larger, more expensive items, today's stock rally indicates that investors may be anticipating a potential turnaround. The shift in consumer behavior towards value-seeking could eventually play into Target's favor, especially if the company can capitalize on its diverse product mix and competitive pricing strategy.