12:23 PM EDT, 08/14/2024 (MT Newswires) -- Target ( TGT ) is still faced with a difficult discretionary backdrop, clouding its near-term prospects, Oppenheimer said in a note.

"We are taking a more conservative stance and moving to the lower end of management's EPS guidance ranges for both Q2 and the full year," Oppenheimer analysts Rupesh Parikh and Erica Eiler said. The Q2 results are due Aug. 21.

For Q2, the analysts said they now expect a flattish comparable sales against Target's ( TGT ) guidance of flat to 2% growth.

Looking ahead, they said a return to healthier levels of comparable sales growth has potentially been pushed out a bit further.

"For longer-term players, we view the recent pullback as an attractive entry point and would take advantage of any dips along the way," the analysts said. Oppenheimer cut its price target to $180 from $200 while keeping its outperform rating on Target ( TGT ).

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