Bernstein analyst Zhihan Ma lowered the firm’s price target (TGT) on Target to $80 from $87 and keeps an Underperform rating on the shares. The firm notes Target posted a third consecutive quarter of negative comparable sales. Trends across the brick-and-mortar and e-commerce channels both decelerated. Margins came in below expectations, while adjusted EPS of $1.78 was a 5c beat, after adding back 26c from severance and impairment charges, Bernstein adds.
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