Evercore ISI lowered the firm’s price target (TGT) on Target to $106 from $108 and keeps an In Line rating on the shares. Target’s Q2 results reflect the challenges ahead for Michael Fiddelke as he takes the helm and his deep understanding of Target’s culture “positions him well to devise a strategy that stabilizes the business,” says the analyst, who contends that the market’s initial disappointment at the company not selecting an external CEO candidate “seems overblown.” Target is on a recovery path, but it will take time to see a meaningful turnaround, the analyst added.
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