Some people have attributed its mishaps to its 2016 controversial bathroom policy. I believe this is false though I should note that my opinion on this is strictly based on conjecture and not fact. If Target's mishaps are indeed because they lost customers as a result of the policy statement, then it strengthens the bullish case because markets have priced it as a permanent, recurring decline. Once those customers are out of the base comparison, it will become easier for the company to post positive comps. Even without that, the stock still looks cheap.
Disclosure: I am/we are long TGT.