Chart of Day: Target (TGT)
With the holidays just weeks away, keep an eye on Amazon (AMZN), we said in late November.
At the time, after gapping from about $215 to $200, the stock appeared to have caught strong support again and could easily refill its gap immediate term, we added.
Plus, remember, in most years, Amazon is a no-brainer stock to buy and hold for the holiday rush. In fact, with the exception of 2022, the ecommerce giant has historically pushed higher heading into the holidays, which we expect to happen again this year. This year, with AMZN now up to $230, we’re sitting on solid wins.
While AMZN is still a strong holiday buy, another one to consider is Target (TGT).
After finding strong support at $120.21, the stock soared back to $137.22.
From here, we still believe it could refill its bearish gap at around $155 a share. Plus, analysts at Stifel just raised their price target on TGT to $145 from $137. Oppenheimer also raised its price target to $165 with an outperform rating. Even better, while we wait for Target to push higher, we can collect its 3.26% yield in the meantime.
Also, as we get deeper into the holiday shopping season, we believe Target could push aggressively higher.
Ian Cooper is an experienced trader who uses a combination of technical, fundamental, and news analysis to help individual investors grow their wealth. Ian’s Premium Options Strategies