Piper Sandler assumed coverage of Target with a Neutral rating and $156 price target. The analyst likes Target’s “strong” omni-channel model and believes the company has “exceptionally strong” merchandising capabilities. The firm also believes both Target’s 2024 earnings guidance and medium-term EBIT margin target of 6% “look reasonable.” However, Piper does not see a discernable catalyst to push sales and margin above estimates near-term. Furthermore, looking out to 2025, Target has both tariff risk and management transition risk as CEO Brian Cornell agreed in 2022 to stay on for three more years, the firm adds.
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