TGT – Your Bullseye Pick of the Week - Bullseye Pick of the Week
Stock up 10%
My Trade Details:
- TGT June 23 2023 $135 call near $2.50
- Stop: Close below $125
- Target 1: $140
- Target 2: $144
So, most of us know the story here with TGT recently. They have been selling clothes that are offensive to one demographic (a major one!) and there have been boycotts. That, plus a weak earnings report, dragged the stock around 20% lower over the last couple of weeks.
Right now, I see this as a prime opportunity for a bounce. I don’t think people are going to stay out of TGT stores very long and this is a pretty extreme reaction we have seen for the stock.
I think we will see a bounce up near the $140 range, if I am right, which was a previous support level.
On the downside, I am looking to cut this for a loss if TGT closes under the recent low of $125.
This will probably not be a fast-moving trade, but I do think we will see a move higher from here over the coming week.
I also think the market is due for a pullback, and I think this is a safer trade to be in compared to tech stocks right now.