Target price target lowered to $150 from $165 at Oppenheimer

Oppenheimer lowered the firm’s price target on Target to $150 from $165 and keeps an Outperform rating on the shares ahead of quarterly results. The firm continues to believe an earnings bottom is in for FY23 at $7.00. However, Oppenheimer is lowering its FY24 and FY25 EPS forecasts as it expects continued discretionary category headwinds to weigh on results into next year. For Q3 specifically, the firm continues to believe guidance is achievable and is reiterating its $1.20 EPS forecast, consistent with the low-end of the $1.20-$1.60 range. For longer-term players, Oppenheimer views current levels as an attractive entry point and believes a bottom in Target shares is in around the $100 level. The firm would continue to take advantage of any dips.