Target price target lowered to $168 from $185 at Goldman Sachs

Goldman Sachs analyst Kate McShane lowered the firm’s price target on Target to $168 from $185 but keeps a Buy rating on the shares. The company’s Q2 earnings beat but FY23 guidance was reduced, serving as a “clearing event” while shifting the focus to the margin recovery opportunity over the next year, the analyst tells investors in a research note. Valuation looks attractive on FY24 estimates, though some investor concerns likely remain related to market share and ongoing weakness in discretionary goods spending, the firm added.