Target's Q3 Results Support An 'Incrementally Bullish' Case, Says Brian Sozzi

Following Target Corporation's (NYSE: TGT) third-quarter results on Wednesday, retail analyst Brian Sozzi of Belus Capital Advisors commented on the company's results.

"While we have remained neutral to bearish on the stock for most of 2014, there have been emerging signs in the store of renewed interest by the consumer in the brand," Sozzi wrote in an e-mail to clients. The analyst adds that Wednesday's report supports an "incrementally bullish" case on the stock.

Sozzi previously argued that the arrival of mannequins to Target stores gives the company's apparel section more of a "Kohl's Macy's" type of environment.

Sozzi also adds that increased penetration of Target's Red Card loyalty program is a leading indicator and shows the consumer is regaining trust in the brand.

Shares of Target were up more than 3 percent in pre-market trading at $69.60.