Piper Jaffray analyst Sean Naughton wrote Thursday that Target's TGT second quarter may be more "challenging" than the first after a meeting with management. However, he maintained his overweight rating and price target of $80.
Naughton noted that the consumer spending environment was muted in the second quarter and says that the company may have to pull some levers to meet the lower end of Q2 EPS guidance. The company saw Q2 EPS between $0.90-1.00 on May 22, slightly weaker than the consensus forecast of $0.98.
Target shares declined as much as 2.6% Thursday on the cautious comments.
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