Target price target raised to $170 from $160 at Credit Suisse

Credit Suisse analyst Karen Short raised the firm’s price target on Target to $170 from $160 and keeps a Neutral rating on the shares. The firm notes that as expected, Target struck a cautious tone with regards to its 2023 outlook – specifically on its operating margin recapture opportunity in 2023, given the volatile macro backdrop, elevated cost environment, inflationary pressures on the consumer, and the anticipated softness in discretionary categories. While Credit Suisse believes some components of Target’s outlook were elusive, the management appropriately reset the bar at an achievable level, giving themselves plenty of cushion and a good opportunity to exceed their preliminary targets.