Target price target lowered to $177 from $193 at DA Davidson

DA Davidson lowered the firm’s price target on Target to $177 from $193 but keeps a Buy rating on the shares after its Q2 results. The company had gained 170 bps of share since 2019, but Target is now clearly losing share in 2023 and at an accelerating rate in Q2, the analyst tells investors in a research note. Comps have improved a bit in July and August, but the recovery is a bit muted due in part to Target’s sales mix which is not ideally suited to the current environment, the firm added. DA Davidson added however that among the company’s silver linings are that June appears to be the comp bottom and that the management is doing a good job on the margins versus a year ago.