Target price target lowered to $115 from $125 at DA Davidson

DA Davidson lowered the firm’s price target (TGT) on Target to $115 from $125 and keeps a Buy rating on the shares. The firm said that while Q2 results weren’t necessarily good, relative to expectations there were some signs of improvement. That said, the analyst thinks that has been offset by the announced CEO change, noting that the announcement may be hurting the stock due to questions of whether Fiddelke will be an agent for change, which seems to be needed, as well as the move being a “catalyst lost.” Meanwhile, the firm notes Fiddelke’s wealth of experience, Q2 results showing some signs of better trends, and Fiddelke’s apparent focus on merchandising, store experience, and using technology to increase the speed and pace of decision making.