Favorable Demographics Will Boost Target Stock Price

Investing.com - Aging millennials and baby boomers will support the growth of budget-conscious consumers, driving Target shares higher in the years ahead, according to Bank of America Merrill Lynch (NYSE:BAC).In a note to clients, the Wall Street firm says favorable demographics and an accelerating turnaround effort in 2018 will create long-term gains in market share.Bank of America reiterated its $86 12-month, stock price target and added Target to its US1 list of top investment ideas.The firm says investors are underestimating the retailer's ability to register sustainable sales increases in the second half of the year. Target shares are up 33% over the past 12 months.