Target price target lowered to $145 from $180 at Guggenheim

Guggenheim analyst Robert Drbul lowered the firm’s price target (TGT) on Target to $145 from $180 and keeps a Buy rating on the shares. While “disappointed” by the Q3 performance, the firm continues to see various levers and paths for the company to return to a 6% operating margin, though it reduced its FY24 and FY25 EPS estimates to $8.60 and $9.50, respectively, given the results and our revised outlook on discretionary spending at Target.