Target price target lowered to $153 from $165 at JPMorgan

JPMorgan lowered the firm’s price target on Target to $153 from $165 and keeps a Neutral rating on the shares as part of a Q2 earnings preview. The firm says the “boiling of the frog consumer backdrop” continues, with the “water heating up” and driving increased promotions across retail as the labor market weakens and consumer balance sheets deteriorate, particularly at the low end.