Target Slides After Barclays Downgrade

Target Corporation TGT shares are trading lower by $1.68 at $81.91 in Thursday's session. The catalyst for the decline is a downgrade from Barclays from Overweight to Underweight and lowered its price target from $90 to $78.

Target, one of the few retailers that is not far from its all-time high ($85.91), reached $84 on March 18.

After a lower open, it managed a $0.35 pop to $82.85 before the bottom fell out in the issue. The ensuing decline found support in a familiar area at $80.98, which coincides with its March 16 low ($80.96).