Cowen Cuts Price Target as Target (TGT) Reduces 2H Outlook

Cowen Maintained an Outperform rating on Target (NYSE: TGT), and cut the price target to $75.00 (from $81.00), as the company reduces 2H comp outlook.

Analyst Oliver Chen commented, "We lower EPS due to TGT's reduced 2H comps outlook & our PT to $75 (was $81) based on ~14x FY17 EPS. Stock downside is likely limited due to inexpensive P/E (~13x vs. WMT ~17x), but we believe TGT needs to address traffic issues from food changes, pharmacy re-brand, electronics, & price competition to return to top-line growth & restore investor confidence."

For an analyst ratings summary and ratings history on Target click here. For more ratings news on Target click here.

Shares of Target closed at $75.48 yesterday.

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