Target (TGT) PT Lowered to $100 at TD Cowen

TD Cowen analyst Oliver Chen lowered the price target on Target (NYSE: TGT) to $100.00 (from $105.00) while maintaining a Hold rating.

The analyst commented: "We have lowered our 2Q EPS (5c) below Street at $1.95 as we expect lower (3.5%) comps vs. Street's (3.0%) and EBIT margin down (140bps) vs. Street's (120bps) primarily on lower flowthrough amid discretionary pressures. That said, FY2 P/E valuation now at 13x has run +15% following 1Q's report (EPS miss & FY guided down) after which FY2 EPS estimates were cut (3%) vs. prior. We interpret this as a sign of investors bracing for the possibility of a "better-than-feared" situation and we do believe FY guide could be reiterated even with a miss. We lower our PT by ($5) to $100 on 13x FY2 P/E."

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