Target Posts Q3 Earnings Miss: Analysts Slash Forecasts On Market Share Loss, Margin Concerns
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Shares of Target Corp (NYSE:TGT) recovered slightly in early trading on Thursday, after tanking on the company’s third-quarter earnings miss.
- JPMorgan analyst Christopher Horvers maintained a Neutral rating, while slashing the price target from $167 to $139.
- Goldman Sachs analyst Kate McShane reiterated a Buy rating, while reducing the price target from $192 to $164.
- Piper Sandler analyst Alexia Morgan reaffirmed a Neutral rating, while cutting the price target from $156 to $130.
- KeyBanc Capital Markets analyst Bradley Thomas maintained a Sector Weight rating on the stock.
Check out other analyst stock ratings.
JPMorgan: Target’s third-quarter comps of 0.3% came significantly below the consensus of 1.4%, “as weather, continued weakness in discretionary categories, and some share loss continue to weigh on discretionary spend,” Horvers said in a note. Markdowns and promotions represented “the lion’s share” of the company’s third-quarter gross margin miss and is “the big driver of the implied drop in 4Q gross margins,” he added.
“We believe TGT continues to face share issues of varying degrees across all categories, sans beauty, …
Full story available on Benzinga.com
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