Target price target lowered to $140 from $169 at Barclays

Barclays lowered the firm’s price target (TGT) on Target to $140 from $169 and keeps an Equal Weight rating on the shares. The company’s Q3 report fueled “the big three concerns” of weaker sales, weaker gross margins and higher SG&A costs, driving “the sharp stock reaction today,” the analyst tells investors. While stating “much of this feels like wrong place/wrong time,” it also adds to debate around market share and the path back to stronger top line results, says the analyst, who sees this as “the point in the TGT story where sales need to get better, which didn’t happen in Q3 but may happen in Q4.”