Target price target raised to $121 from $119 at Piper Sandler

Piper Sandler raised the firm’s price target (TGT) on Target to $121 from $119 and keeps a Neutral rating on the shares. While the market has gotten concerned about consumer discretionary spend – from higher gas prices – consumer spending has been resilient, the firm says. Tax refunds were notable during Q1 but have shown no clear evidence of showing up at retail, and have likely been saved by middle/upper income cohorts. For home improvement, sluggish trends from Q4 appear to have continued.