Target price target lowered to $165 from $185 at JPMorgan

JPMorgan analyst Christopher Horvers lowered the firm’s price target on Target to $165 from $185 and keeps a Neutral rating on the shares following the Q1 report. The company’s margin bull case is “pushed aside” on traffic and share investments with the margin outlook now largely sales dependent, the analyst tells investors in a research note. The firm is modeling Target’s Q2 and 2024 comps flat, or the low end of the 0%-2% outlook.