HSBC analyst Joe Thomas upgraded Target to buy from hold and raised his price target to $190 from $125, implying nearly 20% upside from Tuesday's close. He described the retailer's second-quarter sales as a standout, with comparable sales (sales at established locations) up 3.8% and store-originated sales up 2.7%. Target reported consistent sales across income demographics. Thomas said year-to-date two-year comparable-sales growth was 1.7%, compared with the 0.5% second-half growth HSBC needs to reach its full-year assumptions, leaving room to exceed expectations. Beauty, food and beverage, and household essentials recovered notably, while apparel and home furnishings posted limited growth. Back-to-school apparel sales were growing in the double digits. HSBC also cited a potential $994 million refund after the Supreme Court struck down a large portion of President Donald Trump's tariffs, alongside more than $2 billion in incremental investment to improve the in-store guest experience and increase foot traffic. Target shares have gained 62% this year after four consecutive annual declines, putting the stock on track for its strongest yearly performance since a 94% jump in 2019. Despite the improvement, LSEG data shows most analysts remain cautious: 24 of 39 analysts rate the stock hold, three rate it underperform, and 12 recommend buy or strong buy.