11:47 AM EDT, 05/07/2024 (MT Newswires) -- Target's ( TGT ) fiscal Q1 financial results are expected to serve as a positive catalyst for the retailer's stock, UBS Securities said in a note e-mailed Tuesday.

The company is scheduled to report Q1 results May 22. UBS expects earnings of $2.06 per share on revenue of about $24.6 billion. Wall Street is looking for EPS of $2.04 on revenue of $24.54 billion, according to the note.

"While [Target ( TGT )] was probably not immune to broad-based consumer challenges in Q1, we think it will show it made another step towards its long-term aspirations," UBS analysts, including Michael Lasser, said.

The brokerage expects the company to reaffirm its full-year outlook, though there's likely room for upside, the analysts said.

UBS has a buy rating on the Target ( TGT ) stock, with a $191 price target.

The company's shares were up 1.4% in recent trading.

Price: 160.56, Change: +2.21, Percent Change: +1.40