TARGET CORP DRN ED

Citigroup downgraded Target Corporation from 'Buy' to 'Neutral' and reduced its price target for the company's shares from $188.00 to $130.00.

Target Corporation's Q3 inventory rose 3% year-over-year, with CEO Brian Cornell citing shipment timing adjustments and redirection to West Coast ports, which increased supply chain costs.

Target reported roughly flat comparable sales in the third quarter, highlighting challenges in its performance relative to competitors.