Target up after report on activist investor building stake

Shares of big-box retailer Target TGT.N up 1.4% at $97.89

Hedge fund Toms Capital Investment Management has built a significant stake in Target, the Financial Times reports, citing people familiar with the matter

The Minneapolis-based retailer has posted three straight quarters of falling comparable sales and is betting on incoming chief and longtime company executive Michael Fiddelke to revive growth

"We maintain a regular dialogue with the investment community. Target's top priority is getting back to growth," the company said in an emailed statement

Toms Capital Investment's exact stake is not known. The company did not immediately respond to a Reuters request for comment

As of last close, shares down ~29% YTD