Roth MKM keeps a Neutral rating and $153 price target on Target after its Q1 results. While the company expects a Q2 return to growth, it will take more than simply lapping the 2023 boycott as physical stores have not improved with the passage of time and the specter of discretionary weakness and value seeking behavior make growth uncertain, the analyst tells investors in a research note. The firm adds that while Target’s profitability continues to improve, it remains below pre-COVID levels, and the return to positive comp sales and market share gains is also uncertain.
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