Target price target lowered to $162 from $165 at Telsey Advisory

Telsey Advisory analyst Joseph Feldman lowered the firm’s price target on Target to $162 from $165 and keeps an Outperform rating on the shares. The company reported a significant earnings beat in Q2 but the comp was disappointing and the outlook for 2023 was lowered, the analyst tells investors in a research note. While the softer spending on discretionary is likely to continue in the second half of 2023, the negative trends are largely priced in the stock at current levels, says the firm.