One Wall Street firm thinks Target may be back on track by next year.
Citigroup predicts Target will see positive same-store sales in 2010. The firm upgraded its rating on the Minneapolis retailer’s stock this morning from a “sell” to a “buy.” It was up about 1.3 percent as of 9:20 a.m.
The reasons for its optimism include Target’s increased focus on food and its stronger margins on its private-label apparel. The company is also seeing improved sales of home furnishings, a department that has struggled the past year.