Target price target lowered to $155 from $170 at Morgan Stanley

Morgan Stanley analyst Simeon Gutman lowered the firm’s price target on Target to $155 from $170 and keeps an Equal Weight rating on the shares. Morgan Stanley sees a positive medium- to long-term risk/reward skew based on margin/earnings recapture particularly in 2024/2025, but the near-term path is less certain given macro uncertainty, recent sales softness, and mixed market share performance, which means the stock path may be uneven, the analyst tells investors in a research note.