RBC Capital analyst Steven Shemesh lowered the firm’s price target on Target to $181 from $191 and keeps an Outperform rating on the shares after its Q1 earnings miss. The company looks to be in that “latter innings” of margin recapture, and the focus should shift to demand trends and market share, for which visibility is fairly limited, the analyst tells investors in a research note. RBC also lowers its assumed FY25 earnings multiple for Target to 17-times from 18-times, reflecting reduced likelihood of margin upside and limited visibility into improving demand trends.
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