The Barclays analyst said the recent weakness in the stock due to Amazon competition concerns is a buying opportunity.
Barclays' Matthew McClintock upgraded Target to overweight from equal weight and raised his 12-month price target on the retailer to $115 from $85. The new target represents a 49% surge from Friday's close of $77.12.
"We have now decided with the pullback in the stock due to recent Amazon fears, our expected downside from this near-term view is meaningfully derisked," wrote the analyst. Target "is already ahead of AMZN in same day delivery...and has built a supply chain that fulfills e-commerce primarily from stores , which stands in contrast to most retailers."
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