Target price target lowered to $137 from $165 at Stifel

Stifel lowered the firm’s price target on Target (TGT) to $137 from $165 and keeps a Hold rating on the shares. The firm lowered its FY24-FY26 estimates following the company’s “disappointing” Q3 results and below consensus Q4 outlook. While the company in part attributed decelerating comp trends to a cautious consumer spending environment, the firm believes the result indicates underperformance compared to large peers, particularly Costco (COST) and Walmart (WMT), the analyst tells investors.