Exane BNP Paribas initiated coverage of Target with an Underperform rating and $116 price target. The stock in premarket trading is down 1% to $154.10. The analyst expects muted sales growth for Target given “tepid” consumer discretionary spending, competitive pressures from Walmart and Amazon, and “increased encroachment” from Temu. In addition, the firm believes Target’s self-help initiatives are entering the late stages. It sees Target falling short of its margin targets and stepping up investment.
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