Target Corporation: Sell Rating Amid Declining Sales and Strategic UncertaintiesWe rate TGT Underperform, with a TP of $80.00. We take down our target price to account for the weaker outlook and increased investments. Given the investment needed, we think the increased CapEx spend (~$5B) will extend beyond FY26. We arrive at our new TP by applying an 11.0x multiple (vs. 11.8x previously) on NTM+1 EPS of $7.29. 2025 TGT Close Price (USD) 86.08 Price Target (USD) 80.00 158.42/85.30 SPX 6,642.16 FYE Cap (USD) (M) 38,977 EV (USD) (M) 55,196 Performance YTD 1M 6M 12M Absolute (%) (36.3) (5.2) (12.2) (44.8) SPX (%) 12.9 (0.3) 11.4 12.3 Relative (%) (49.3) (4.9) (23.5) (57.1) Source: Bloomberg, Bernstein estimates and analysis.