BMO Capital lowered the firm’s price target (TGT) on Target to $120 from $160 and keeps a Market Perform rating on the shares. The company’s Q3 results were much weaker than the firm expected, the analyst tells investors in a research note. BMO notes that it had been cautious that lean inventories and channel mix tailwinds would eventually abate, but Target’s weaker comps suggest market share losses and the return of digital and supply chain margin pressure, while the growth in ship-to-home further validates the firm’s long-term supply chain-related concerns for Target. The firm is also cutting its FY25 EPS view on Target to $8.59 from $9.5 and its FY26 view to $9.11 from $10.30.
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Read More on TGT:
- Target price target lowered to $131 from $157 at Roth MKM
- Target price target lowered to $137 from $165 at Stifel
- Target price target lowered to $160 from $195 at BofA
- Target price target lowered to $130 from $156 at Piper Sandler
- Target price target lowered to $145 from $180 at Guggenheim
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
