UPDATE: Citigroup Upgrades Target Corporation to Buy on Housing Strength

Citigroup upgraded Target Corporation

from Neutral to Buy and raised the price target from $70.00 to $72.00. Citigroup commented, "We believe that TGT will be a key beneficiary of a housing recovery in 2013, with 180+ bps of SSS growth upside, and is well positioned to gain category market share through its Threshold line. We also see longer term upside from Canada, and are pleased with increased focus on and investment behind e-commerce and mobile." Target Corporation closed at $60.85 on Monday.