Target price target lowered to $150 from $180 at Wells Fargo

Wells Fargo lowered the firm’s price target (TGT) on Target to $150 from $180 and keeps an Overweight rating on the shares following quarterly results. The firm says investors were braced for a soft Q3, but the update was much worse. Weak discretionary demand was exacerbated by supply chain issues, highlighting Target’s structural volatility, Wells adds. While “disappointed,” the firm argues the selloff provides an intriguing 2025 set-up.