Target earnings on deck as discretionary spending looms large for the retail giant

Target Corp. reports first-quarter results before market open Wednesday, with analysts expecting the retailer to see a slowdown in discretionary spending.

Raymond James reaffirmed its strong buy rating for Target TGT in a note released Monday, but lowered the retailer’s price target to $190 from $195. The analyst firm also lowered its fiscal year 2023 EPS estimate to $7.85 from $8.45.

Target’s stock is up 1.1% Monday, outpacing the S&P 500 index’s SPX gain of 0.02%. The retailer’s shares are up 7.2% this year, compared with the S&P 500 index’s gain of 7.4%.

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