Wells Fargo lowered the firm’s price target (TGT) on Target to $150 from $180 and keeps an Overweight rating on the shares following quarterly results. The firm says investors were braced for a soft Q3, but the update was much worse. Weak discretionary demand was exacerbated by supply chain issues, highlighting Target’s structural volatility, Wells adds. While “disappointed,” the firm argues the selloff provides an intriguing 2025 set-up.
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Read More on TGT:
- Target price target lowered to $140 from $169 at Barclays
- Target price target lowered to $150 from $180 at Melius Research
- Target price target lowered to $129 from $162 at Truist
- Target falls -21.5%
- Target reports downbeat Q3, Comcast plans cable TV spinoff: Morning Buzz
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
