Target (TGT) is reporting first-quarter earnings Wednesday morning. What are Wall Street analysts hoping to see out from the big-box retailer as it is currently opting to slash prices on certain item categories?

D.A. Davidson Managing Director and Senior Research Analyst Michael Baker finds expectations for Target to be "very low" and is hoping for its comparable sales to be positive moving into the second quarter.

"Target we see as a turnaround story, again, likely the fourth quarter in a row of negative comps for the first quarter. But we think that turns back to positive margins, should then benefit, we think get back to closer to historical trends, which are about 6% prior to the pandemic," Baker says.

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This post was written by Luke Carberry Mogan.