Evercore ISI analyst Greg Melich is initiating a negative tactical call on Target (TGT) ahead of its earnings on November 20, with potential downside to $140, and adding the stock to the firm’s “Tactical Underperfom” list. The firm is looking for Q3 sales trend deceleration to result in Q3 EPS at $2.28 versus the Street at $2.30. While these numbers are still at the higher end of Target’s formal guidance issued in August, Evercore is concerned that the decelerating comp trend will persist into Q4, the analyst tells investors. The firm has an In Line rating and $165 price target on Target shares.
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