Target price target lowered to $83 from $102 at Truist

Truist lowered the firm’s price target (TGT) on Target to $83 from $102 and keeps a Hold rating on the shares. The company hurt itself with multiple missteps in merchandising, marketing, etc., negatively impacting consumer impressions and experiences, and the firm believes that Target needs to accelerate its merchandise innovation AND materially accelerate its investment spending, the analyst tells investors in a research note. Truist adds that based on Truist Card Data, it is reducing its Q3 comps forecast to down 4% from down 1.3%, noting that Target’s sales have deteriorated thus far in the quarter.