Shares of Target Corp (NYSE:TGT) edged lower in early trading on Thursday, despite the company Monday reporting upbeat first-quarter results.
Here are the key analyst insights:
- BofA Securities analyst Christopher Nardone maintained an Underperform rating and price target of $110.
- JPMorgan analyst Christopher Horvers reiterated a Neutral rating and price target of $129.
- BTIG analyst Robert Drbul reaffirmed a Neutral rating on the stock.
Check out other analyst stock ratings.
BofA Securities: Target’s new merchandising initiatives resulted in some sales traction during the first quarter. However, it is too early to conclude whether this improvement was company-specific or industry-driven. The discretionary segment is likely to remain “very competitive,” and pricing pressure could continue, Nardone said.
Target’s gross margin drivers in the second quarter could remain the same as the first quarter, including:
- Continued opportunity on full-price sell-through
- Ongoing benefits from advertising and supply chain efficiencies
Management raised full-year earnings guidance near the high end of their $7.50-$8.50 per share range. This reflected only the first-quarter …