Truist Slashes PT on Target Corporation (TGT) to $83 From $102, Keeps a Hold Rating

Target Corporation (NYSE:TGT) is one of the most undervalued retail stocks to invest in. On October 2, Truist lowered the firm’s price target on Target Corporation (NYSE:TGT) to $83 from $102 while keeping a Hold rating on the shares.

The firm told investors in a research note that Target Corporation’s (NYSE:TGT) several missteps in marketing, merchandising, and other domains hurt the company, negatively affecting consumer experiences and impressions.

Truist believes that Target Corporation (NYSE:TGT) needs to expedite its merchandise innovation while materially accelerating its investment spending.

The firm added that based on Truist Card Data, it is slashing its Q3 comps forecast to down 4% from down 1.3%, citing the drop in Target Corporation’s (NYSE:TGT) sales thus far in the quarter.

Target Corporation (NYSE:TGT) is a retail giant that operates discount department stores and hypermarkets across the US and Canada.

It serves its customers an array of items, including food, everyday essentials, differentiated merchandise at discounted prices, and general merchandise. Its merchandise categories span food and beverages, home furnishing and decor, and others.

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Disclosure: None. This article is originally published at Insider Monkey.