Target price target lowered to $139 from $167 at JPMorgan

JPMorgan analyst Christopher Horvers lowered the firm’s price target (TGT) on Target to $139 from $167 and keeps a Neutral rating on the shares. The company’s Q3 results fell below JPMorgan’s cautious stance on margins as inventories built around early receipts, and Target stepped up discounts, amplifying the effect of an increased penetration of sales occurring during promotional periods and warm weather headwinds in apparel, the analyst tells investors in a research note. The firm continues to believe these are mostly cyclical headwinds, but says “the burden of proof is on the company.”