: Target price target lowered to $140 by BMO

BMO Capital Markets lowered its Target Corp. TGT price target to $140 from $165 ahead of the retail giant’s second-quarter results on Aug. 16. “We lower our F24 and F25 comps and EPS estimates as we expect weakening customer traffic trends continue beyond 2Q combined with moderating food inflation,” wrote BMO analyst Kelly Bania, in a note released Wednesday. “The timeline for a return to 6%+ EBIT margins continues to be pushed out, and it remains difficult to pinpoint where sales could stabilize, in our view.” BMO maintained its market perform rating for Target.

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