Deutsche Bank maintained a Hold rating on Target (NYSE: TGT) and trimmed its price target to $78.00 (from $84.00). The change follows Q1 results and guidance. Analyst Paul Trussell said results add to near term concerns about the health of the U.S. consumer.

"The Target management team has executed adeptly over the past 18 months, so we’re not surprised to see 1Q results slightly ahead of the latest buyside expectations (1.2%A vs. 1.0% market view), which couples with better than expected EBIT (~$70M ahead of our model) for a solid EPS beat vs. our $1.18 forecast (importantly, the adjusted EPS of $1.29 includes a benefit from a lower tax rate)," noted Trussell.

"The bigger story line, however, is that 2Q guidance for flat to -2% comps implies a 200 bps deceleration sequentially on a 2-year basis and management commentary that 'second quarter results have been tempered by the recent slowdown in consumer trends' adds to the fear and concern around consumers’ health and pace of spending that had already built up by weak trends reported by apparel retailers in the mall last week. While weather has been an unfavorable factor since Easter, clearly TGT is seeing a trend in its business currently that it does not believe will change course as the weather eventually warms up this summer, and with inventory levels elevated, we wonder why FY16 EPS guidance was maintained. Accordingly, we have lowered our FY16 EPS view to $5.11 vs. current guidance of $5.20-$5.40," added the analsyt.

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Shares of Target closed at $73.61 yesterday.