Target price target lowered to $85 from $94 at Piper Sandler

Piper Sandler analyst Peter Keith lowered the firm’s price target (TGT) on Target to $85 from $94 and keeps a Neutral rating on the shares. The firm cites a lower multiple due to lower EPS estimates. Q3 adj. EPS beat sell-side numbers, driven by better-than-expected tax rate and buyback. However, Q3 comp of -2.7% was below expectations and 2025 adjusted EPS guidance was lowered -6% at the midpoint to reflect Q3 reaching a targeted upside scenario as well as a more conservative view on Q4 due to notable comp volatility experienced during Q3, Piper adds.