Target price target lowered to $112 from $160 at Morgan Stanley

Morgan Stanley lowered the firm’s price target (TGT) on Target to $112 from $160 and keeps an Overweight rating on the shares. On paper, Target is “tackling the right initiatives,” but Q1 results are a reminder that the “clock is ticking as the mega-caps widen their lead,” the analyst tells investors. However, the current valuation reflects low expectations and the current bout of shopper disaffection should fade over coming months, contends the analyst, leading the firm to maintains its Overweight rating.