Target price target lowered to $130 from $165 at Evercore ISI

Evercore ISI lowered the firm’s price target on Target (TGT) to $130 from $165 and keeps an In Line rating on the shares. Q3 results missed reduced expectations, but it was the cautious consumer and margin outlook into Q4 and investment needed to stabilize traffic “amidst a Big 3 crowd out that drove the 20% drop,” the analyst tells investors, referring to Walmart (WMT), Amazon (AMZN) and Costco (COST). The firm’s recent survey work “highlights the stark contrast between share gainers and those caught in the crosshairs,” with record high renewal intent for Costco and Amazon Prime, and Walmart Plus intent slightly above BJ‘s Wholesale (BJ), while Target is “trying to ensure that Big Three share gain doesn’t come at its expense,” the analyst tells investors.