Shares of Target ( TGT ) are selling at a bit of a discount—but that discount is shrinking.

The retailer’s stock was up more than 2% in recent trading. At its current level near $95, Target is still below the price just above $98 at which it closed Tuesday before reporting its latest financial results —but also substantially off the sub-$91 lows it touched in response to those results.

Those lows followed an update that included a scaled-back sales forecast for the year and a widened outlook for profits; the company sought to reassure investors that it was looking to address issues, for instance setting up a a new team, led by its COO, intended to help Target “deliver faster progress on its roadmap for growth.”

Target shares were down about 30% this year through Wednesday’s close, and Wall Street is fairly restrained in its enthusiasm for the shares these days. Most of the analysts tracked by Visible Alpha have neutral ratings on the stock, and the current mean price target, near $106, while a roughly 14% premium to yesterday’s finish, would still leave the shares substantially in the red for 2025.

Bank of America analysts yesterday downgraded the company’s shares to a neutral rating, cutting their price target to near current levels.

“We see increased uncertainty as top-line weakness continues and the timing of [same-store sales] recovery gets pushed out,” the analysts wrote, “with softer sales driving higher markdowns and thus incremental margin pressure.”

There’s still some optimism out there, however. DA Davidson analysts, while cutting their price target to $125 from $140, on Wednesday maintained a “buy” rating on the shares.

“There is still some risk, particularly as it relates to the rest-of-year margin guide,” they wrote. “And we think we need to see some signs of better trends before value investors really start to get excited. But, the worst does seem to be behind us.”

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