Target price target lowered to $124 from $134 at Truist

Truist analyst Scot Ciccarelli lowered the firm’s price target (TGT) on Target to $124 from $134 and keeps a Hold rating on the shares. The company’s Q4 results were in-line, but its Q1 is off to a soft start and will experience “meaningful” earnings pressure, making the year more backend-loaded than anticipated, the analyst tells investors in a research note. Target is leaning into innovation, newness and retail fundamentals, but FY25 is poised to be the company’s 3rd straight year of flat to negative comps, Truist adds, also noting that Target is yielding flat sales since the end of FY21.