Jefferies lowered the firm’s price target on Target (TGT) to $135 from $165 and keeps a Buy rating on the shares. The firm, which is updating models to reflect quarter-to-date trends seen in its alternative data sets for value retailers, says its “highest conviction call heading into the prints” from the group is for stronger-than-expected U.S. comp sales and EPS at Walmart (WMT). Its other “notable Q3 calls” include for soft trends at Target and strong traffic at TJX‘s (TJX) domestic banners, the analyst tells investors in a preview note. Target comp sales could miss Street expectations, says the firm, which is lowering its gross margin estimate to 27.3%, which brings its Q3 EPS to $1.47 from $1.51, versus consensus at $1.48.
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