Shares of Target Corp (NYSE:TGT) are up 4.4% to trade at $118.09 at last glance, after the retail giant announced better-than-expected earnings for the fiscal fourth quarter, while revenue came in slightly below expectations. The company also issued a stronger-than-estimated profit and sales forecast for 2026.
The brokerage bunch is yet to chime in, but the majority is skeptical of TGT, leaving room for potential bull notes. In fact, 26 of the 37 firms in coverage sport a "hold" or worse rating, while the 12-month consensus target price of $107.85 is an 8.5% discount to current levels.
TGT is heading for its highest close in exactly one year, and on track for its best single-day percentage gain since November. The shares are now 20% higher in 2026 but remain below their year-over-year breakeven level.
Options traders lean bullish. This is per Target stock's 50-day call/put volume ratio of 2.25 at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), which ranks higher than 84% o annual readings.
So far today, 11,000 calls and 7,851 puts have already crossed the tape -- four times the volume typically seen at this point. The most popular contract is the weekly 3/6 120-strike call, where new positions are being bought to open. This suggests these investors expect more upside for TGT by the end of the week, when these contracts are set to expire.
