Target Gets Price Target Cuts By Analysts After Q1 Results

Target Corp TGT reported better-than-expected results for its first quarter.

The company sales growth of 0.6% year-on-year to $25.32 billion, beating the analyst consensus estimate of $25.29 billion. Adjusted EPS of $2.05 beat the analyst consensus of $1.76. Inventory at the April end was $12.6 billion, down 16.3% Y/Y.

It sees Q2 adjusted EPS of $1.30 - $1.70 against the Street view of $1.93; expects a low-single-digit decline in comparable sales.

Target shares gained 2.6% to close at $160.96 on Wednesday and added 0.4% in today’s pre-market trading session.

These analysts made changes to their price targets on Target following earnings announcement.

• Bernstein cut the price target on Target from $186 to $183. Bernstein analyst Dean Rosenblum maintained an Outperform rating.
• RBC Capital lowered the price target on Target from $198 to $191. RBC Capital analyst Steven Shemesh maintained an Outperform rating
• Telsey Advisory Group analyst Joseph Feldman reiterated Target with an Outperform and maintained a $185 price target.

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