Target put volume heavy and directionally bearish

Bearish flow noted in Target with 11,265 puts trading, or 1.3x expected. Most active are Jun-23 140 puts and Jan-23 160 puts, with total volume in those strikes near 3,300 contracts. The Put/Call Ratio is 1.75, while ATM IV is up nearly 2 points on the day. Earnings are expected on February 28th.