11:32 AM EST, 11/14/2024 (MT Newswires) -- Target's ( TGT ) increased focus on value sets it up for share gains this coming holiday season and in the long term, BofA Securities said in a note Thursday.

BofA Securities noted the company's value strategies, which include improved holiday promotions, lower prices, and continued innovation with new brands. The investment firm also said it expects Target's ( TGT ) extended holiday shopping hours to further support share gains.

In addition, BofA Securities sees Target ( TGT ) expanding its gross margin in H2, driven by the strength of its Roundel retail media platform and cost improvements from vendors.

However, the investment firm lowered its Q3 same-store sales growth forecast for the company to flat from 2% due to the sequential deceleration of Bloomberg Second Measure observed sales. Target ( TGT ) is set to release its Q3 financial results on Nov. 20.

BofA Securities reiterated its buy rating on Target ( TGT ), with a price target of $195.

Price: 155.49, Change: +0.50, Percent Change: +0.32