Target price target lowered to $133 from $137 at Truist

Truist analyst Scot Ciccarelli lowered the firm’s price target on Target to $133 from $137 and keeps a Hold rating on the shares. The company’s Q2 sales were weak as expected, including a 5.4% comp decline primarily driven by traffic, while its management has also reduced the full-year earnings outlook by about 9%, the analyst tells investors in a research note. Given the combination of weakening sales trends, implied share losses, and a less certain margin trajectory for 2024, a neutral stance is warranted, the firm adds.