Truist analyst Scot Ciccarelli raised the firm’s price target on Target to $160 from $151 but keeps a Hold rating on the shares. The company’s Q4 results were modestly better than expected, but Target is maintaining a cautious view on FY23 given consumer uncertainty and the assumption of continued mix pressures for the near and medium-term, the analyst tells investors in a research note. Given the uncertainty on EBIT margins in spite of the company having added $30B in sales since 2019 and the lack of consistent production/growth, a Hold rating is warranted, the firm added.
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