12:01 PM EDT, 05/08/2024 (MT Newswires) -- Target's ( TGT ) discretionary offerings could take a hit from recent headwinds, impacting its Q1 financial results, Oppenheimer said in a note Wednesday.

The retailer is scheduled to report Q1 results on May 22. Oppenheimer said it is now "more conservatively" expecting a drop of 4% to 5% in comparable store sales, compared with market expectations for a 3.6% decline.

"Our 12-18 month views on TGT shares remain intact driven by our continued confidence in management's ability to drive further margin expansion and a return to sustained positive comp growth," Oppenheimer analysts, including Rupesh Parikh, said in the note.

Oppenheimer has an outperform rating on the Target ( TGT ) stock, with a $200 price target.

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