Barclays lowered the firm’s price target (TGT) on Target to $102 from $140 and keeps an Equal Weight rating on the shares. The firm says that while Target’s Q1 risks seem well documented, its underlying trends seem more concerning. When looking beyond the tariffs, questions remain over how much of the sales slowdown was transactions-driven as that has been a key support of the Target story “but seems to have weakened,” the analyst tells investors in a research note. Barclays believes this could add further multiple risk to the story. Target’s multi-year share gains since 2020 continue to reverse, and it is not clear how that changes at this point, contends the firm.
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