Cowen Cuts Price Target as Target (TGT) Reduces 2H Outlook
Cowen Maintained an Outperform rating on Target (NYSE: TGT), and cut the price target to $75.00 (from $81.00), as the company reduces 2H comp outlook.
Analyst Oliver Chen commented, "We lower EPS due to TGT's reduced 2H comps outlook & our PT to $75 (was $81) based on ~14x FY17 EPS. Stock downside is likely limited due to inexpensive P/E (~13x vs. WMT ~17x), but we believe TGT needs to address traffic issues from food changes, pharmacy re-brand, electronics, & price competition to return to top-line growth & restore investor confidence."
For an analyst ratings summary and ratings history on Target click here. For more ratings news on Target click here.
Shares of Target closed at $75.48 yesterday.