Oppenheimer analysts lowered their price target for Target (NYSE:TGT) to $180 from $200 while maintaining an Outperform rating on the stock.
The analysts adjusted their outlook ahead of Target's Q2 earnings report, scheduled for August 21, citing a more cautious stance due to the uncertain consumer environment and ongoing challenges in discretionary spending.
The analysts now expect a flat comparable sales result for Q2, aligning with the lower end of Target's guidance of 0-2% growth. Despite these near-term concerns, the analysts see potential for a multi-year profit recovery at Target, though they believe the return to stronger comp growth may be delayed.
The analysts view the recent stock pullback as a buying opportunity for long-term investors and suggest taking advantage of any further dips in the stock.