Target's 30 Year Rising Channel Signals More Upside Ahead
Shares of Target have traded within a well defined rising channel for more than 30 years. The stock has been on a tear after two back to back earnings reports that handedly beat expectations. Looking to the chart, there is clear downside to $88, or 28% downside from current levels. This morning the stock is trading just below its $124 price objective. Its next price objective is $184, which represents 48% upside from current levels. This is a long term price objective that could take years to be realized.