Target (TGT) PT Raised to $185 at TD Cowen, 'Value is Key to Traffic In Our View'

TD Cowen analyst Oliver Chen raised the price target on Target (NYSE: TGT) to $185.00 (from $148.00) while maintaining a Market Perform rating.

The analyst comments "Customer Need to Find Target "Dealworthy" as Value is Key to Traffic In Our View. We like the company's value orientation with the launch of the new “Dealworthy” owned brand, but we still believe simplification of options within categories through a “less is more” approach should remain top of mind. We monitor progress across initiatives through traffic and recognize the need to win both stock-up and fill-in trips as crucial. Meanwhile, we acknowledge apparel could be a risk as competition grows at both WMT and AMZN with AMZN gaining traction through affiliate and marketplace engagement as well as intensified competition vs. Temu and Shein. We remain Market Perform with raised $185 PT based on 18x FY2 P/E, but are more constructive now given clear product, loyalty, margin catalysts, and valuation gap to WMT’s 23x FY2 P/E."

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