Kohl’s stock rose nearly 8% on Wednesday, driven by analyst updates featuring price target increases. The retailer’s third-quarter results showed a 3% decline in net sales to $3.4 billion, with net income of $11 million or $0.10 per share, beating analyst estimates.

Six analysts raised their price targets for Kohl’s, with TD Cowen’s Oliver Chen setting a target of $23 per share. Chen praised the company’s value-for-money reputation and strong performance in certain categories like jewelry, helping offset declining comparable sales.

Despite its meme stock status, Kohl’s is a fundamentally sound company facing challenges in the retail industry. The company’s third-quarter results were positive, but there is still room for improvement as it competes in the e-commerce era.

The Motley Fool Stock Advisor team identified 10 top stocks for investors to buy now, with Kohl’s not making the cut. Past recommendations like Netflix and Nvidia have yielded significant returns, highlighting the potential for investing in the right stocks for long-term growth.

Read more at Yahoo Finance: Why Kohl’s Stock Popped Today