BofA lowered the firm’s price target on Target (TGT) to $80 from $93 and keeps an Underperform rating on the shares. The firm raised its FY26 adjusted EPS forecast by 30c to $7.25 to reflect Q3 upside and be in line with updated guidance for $7.00-$8.00, but bases its price target on a lower multiple applied to its FY27 EPS estimate as it sees sales and margin risk from slowing digital growth, lack of scale in digital advertising and marketplace, pricing and merchandising headwinds, and competition from Walmart (WMT) and Amazon (AMZN).
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Read More on TGT:
- Target’s Digital Struggles and Competitive Pressures Lead to Sell Rating
- Target price target lowered to $85 from $94 at Piper Sandler
- Target price target lowered to $80 from $87 at Bernstein
- Target Corporation: Sell Rating Amid Declining Sales and Strategic Uncertainties
- Target price target lowered to $89 from $100 at Citi