Citi analyst Paul Lejuez raised the firm’s price target (TGT) on Target to $97 from $95 and keeps a Neutral rating on the shares. The firm expects the company’s Q1 sales and earnings to come in below consensus. Foot traffic data indicates Target’s traffic did not accelerate in March, and only accelerated slightly in April, the analyst tells investors in a research note. Citi believes investors expect a guidance cut. While expectations are low, soft sales trends and an earnings miss could move the stock lower near-term, contends Citi.
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