Target Jumps After FT Reports Activist Toms Capital Took Stake

Target Corp. shares rose on Friday after the Financial Times reported that an activist investor built up a stake in the big-box retailer, citing people it didn’t identify.

Toms Capital Investment Management has made a significant investment in Target, the FT said, without disclosing further details.

Target shares jumped as much as 6.7% on Friday. The stock is headed for an annual decline of about 25% following a difficult year in which the company lost market share and sales slumped.

In response to a request for comment, Target said it maintains “regular dialogue with the investment community” and its top ...