Target price target lowered to $145 from $162 at Telsey Advisory

Telsey Advisory analyst Joseph Feldman lowered the firm’s price target on Target to $145 from $162 and keeps an Outperform rating on the shares ahead of the company reporting Q3 earnings on Wednesday, November 15. The firm is lowering its Q3 estimates to reflect ongoing weakness in traffic as the quarter progressed, as well as softer consumer spending on discretionary products and higher than anticipated promotions. While it expects these trends to pressure performance in Q4 as well, the firm believes soft trends are largely priced in the stock at current levels and it continues to look at Target “beyond these short-term issues.”