Target’s (NYSE:TGT) Q1 profit took a significant hit from inflationary pressure, including high freight and fuel costs. The retailer, citing unusually high transportation and fuel costs, lowered its operating margin guidance for Q2 in June (from about 5.3% to around 2%). Adding to its woes, Jefferies analyst Stephanie Wissink lowered her 2H22 and 2023 estimates, expecting more pain ahead. Wissink recommends a Hold on TGT stock with a price target of $161. Wissink stated, “In the context of profit warnings from peers & suppliers and pressure on discretionary wallets, we’re force adjusting our 2H and 2023 estimates lower.” The analyst expects TGT to deliver EPS of $7 and $10.
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