Target price target lowered to $200 from $210 at Cowen

Cowen analyst Oliver Chen lowered the firm’s price target on Target to $200 from $210 and keeps an Outperform rating on the shares. The analyst reduced his multiple on the Q2 earnings decline and strength on the post Q3 pullback. Cowen believes Target is a "show-me" story as investors will likely prefer to "wait & see"; and guidance is likely to be back-half loaded given macro pressures.