Deutsche Bank analyst Krisztina Katai raised the firm’s price target on Target to $165 from $143 and keeps a Hold rating on the shares. The firm believes Target’s Q4 print and initial 2023 outlook provided something for both the bulls and the bears. The softer 2023 comp and EPS guidance doesn’t come as a total surprise given the tough discretionary spending backdrop, Deutsche notes. However, the range of outcomes is quite wide and the path for margin recovery is slower than the market expected. While guidance seems de-risked for the year, which sets the potential for a positive EPS revision curve ahead, the firm anticipates shares will be range-bound in the near-term until there is greater clarity on traffic/comp trends and the pace/timing of margin recovery.
Published first on TheFly
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