Key Highlights

● Kohl's closed at $24.78 on October 22, up from $22.16.

● Gordon Haskett upgraded it to Buy from Hold with a $27 target.

● The average analyst target was $19, ranging from $9 to $41.50.

● The target implies about 18 times forward earnings against a five-year average of 13.

Kohl's (NYSE:KSS) soared on Thursday, October 22, 2026, ranking among the standout gainers on the NYSE Composite after research firm Gordon Haskett upgraded the retailer to Buy from Hold. The stock closed at $24.78, up from a prior close of $22.16.

The rally was all the more striking because it came on a day when the S&P 500 posted its worst session since July.

The upgrade

Gordon Haskett raised its rating on Kohl's to Buy and set a price target of $27. The firm's call was built on optimism about the holiday shopping season, which is the most important stretch of the year for department stores.

The new target sits well above the Wall Street consensus. The average analyst target was $19, with individual targets ranging from $9 to $41.50, according to the reports.

Gordon Haskett's target implies a valuation of about 18 times forward earnings, compared with a five-year average of 13 times. In other words, the firm believes investors will be willing to pay a richer multiple for Kohl's earnings than they have in recent years.

Has the move already happened?

Not everyone thinks the upside is large from here. One commentary noted that the turnaround looked real, but that after the jump about half of the upside to the target was already gone.

That view reflects simple math. With the stock closing at $24.78, the gap to the $27 target narrowed sharply in a single session.

Kohl's operates a large network of stores across the US, selling apparel, home goods and beauty products. Like many department store chains, it has faced years of pressure from online competitors and changing shopping habits, and the stock has been volatile as investors weigh its turnaround efforts.

A defensive, rate-sensitive day

The Kohl's rally fit into a broader rotation on Thursday. Investors sold technology and chip stocks after Meta Platforms (NASDAQ:META) reported heavy spending on artificial intelligence and Lam Research (NASDAQ:LRCX) warned of supply constraints. The Nasdaq Composite fell 694.00 points to 26,008.86, its steepest drop since June 5.

Money flowed elsewhere. Consumer staples had their best day since April 2025 and hit a record high, health care also hit a record, and homebuilders rallied as Treasury yields fell. The 10-year yield closed back below a closely watched threshold for the first time since September 22.

The S&P 500 lost 93.74 points to 7,663.43, but about two of every three of its members rose, according to market reports. The Dow Jones Industrial Average edged up 11.89 points to 52,867.98.

Fresh labor market data offered a firm backdrop for consumers. Initial jobless claims fell to 194,000, the fewest in about three months and below the 200,000 that economists had expected.

Still, retailers face cost pressures. Brent crude rose to $113.17 a barrel, its highest since May 4, which can squeeze consumer budgets through higher fuel prices.

Kohl's Faces the Holiday Season Test

The holiday season is the key test of Gordon Haskett's thesis. Investors will watch for early reads on consumer spending, including the final University of Michigan sentiment reading due Friday, October 23.

Kohl's next earnings report will offer more detail on the company's turnaround and its expectations for the critical fourth quarter. Broader market drivers include the Federal Reserve's decision on Wednesday, October 28, and the September PCE inflation data due October 29, which will shape the outlook for interest rates and household spending power.