BMO Capital analyst Kelly Bania lowered the firm’s price target on Target to $130 from $140 and keeps a Market Perform rating on the shares. The company’s Q2 earnings beat on upside in gross margins was supported by a significant and potentially underappreciated favorable channel mix shift from declining digital sales, the analyst tells investors in a research note. The firm adds however that Target’s Q2 also highlights the challenging dilemma of balancing sales and margins, anticipating its negative traffic trends to weigh on valuation.
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