Target (TGT) PT Raised to $177 at RBC Capital

RBC Capital analyst Steven Shemesh raised the price target on Target (NYSE: TGT) to $177.00 (from $174.00) while maintaining a Outperform rating.

The analyst comments "After a slew of retail read-throughs pointing to soft consumer demand, TGT posted a comp beat and its fourth consecutive quarter of discretionary sales improvement. Guidance implies 2H comp to continue in a range of ~flat to +2%, which is likely to feed into a soft landing narrative. We expect numbers to drift higher and modest upward pressure on the multiple. For FY’24/FY’25, we adjust our comp sales estimates to +0.4%/+1.5% (from -0.6%/+0.9%) and adj. EPS estimates to $9.43/$10.40 (from $9.35/$10.25). We raise our price target to $177 (from $174), which is based on ~17x our revised FY’25 adj. EPS estimate of $10.40."

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