Target price target lowered to $123 from $131 at Deutsche Bank

Deutsche Bank lowered the firm’s price target on Target to $123 from $131 and keeps a Hold rating on the shares. While macro data proved to be generally stable to improving in Q3, the consumer backdrop remains volatile, the analyst tells investors in a research note. The firm says consumer trade-down is still apparent. It continues to favor retailers that have solid traffic growth and/or are defensively positioned until it sees clearer signs of how consumer demand will unfold in the coming months.