Target (TGT) PT Lowered to $105 at TD Cowen

TD Cowen analyst Oliver Chen lowered the price target on Target (NYSE: TGT) to $105.00 (from $110.00) while maintaining a Hold rating.

The analyst commented: "TGT is clearly a work-in-progress & hold-rated, but low consensus comp (-1.5%) and valuation (12x FY2 P/E) could drive upside with just in-line results. Low Valuation, Low Bar, "Better-Than-Feared" Could Send Stock Higher.

We model 3Q EPS at $1.74, in line with Street, with comp (1.6%) vs. Street's (1.5%), offset by more modest margin decline. TGT stock is down ~-35% YTD and ~-10% since last print, suggesting investors are bracing for a "better-than-feared" scenario, and a modest miss or inline quarter could support the stock price and FY guide reit. We lower to PT to $105 with FY2 P/ E of ~13x (vs. ~12x and 3-yr average of 14x)."

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