TD Cowen analyst Oliver Chen lowered the firm’s price target on Target to $161 from $165 and keeps an Outperform rating on the shares. The firm said management detailed a resilient consumer and noted spending in leisure travel and dining over goods is absorbing more wallet share. The company expects these trends to continue in 2H23 and called out additional discretionary spend pressures in food inflation at +MSD% and a roll back of government stimulus, child care tax credits, and suspension of student loan repayments.
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