Target (TGT) shares offer an "attractive upside case" despite the recent rally as management focuses on reigniting growth, Oppenheimer said Thursday in a report.

The company is expected to guide fiscal year 2026 earnings in the range of $7 to $8 a share, compared with the Wall Street consensus of $7.65, with the long-term outlook unchanged, the report said.

"Management is moving with more urgency to drive a return to growth, and we remain optimistic these efforts could work over time," the report said.

Q4 results are due Tuesday. "We continue to conservatively look for Q4 EPS of at least $1.87 versus management's implied guidance of $1.87 to $2.87 and a Street forecast of $2.15," Oppenheimer said.

Oppenheimer maintained its outperform rating on Target stock with a $130 price target.

Price: 115.21, Change: -1.23, Percent Change: -1.06