** Investors panned Target's TGT.N choice of insider Michael Fiddelke as CEO on Wednesday, viewing the 20-year company veteran as unlikely to fix the retailer's myriad issues that resulted in years of stock-market underperformance

** Co reported second-quarter net sales of $25.21 billion, beating estimates of $24.93 billion, according to data compiled by LSEG

** Average rating of 38 analysts is "hold"; median PT is $104 - data compiled by LSEG

NEW CAPTAIN, SAME STORM

** Bernstein ("underperform," PT: $87) expects further downside for Target in H2, as inflation and weaker consumer spending weigh on demand, and market share losses and margin pressure from e-commerce could also lead to softer guidance

** Roth MKM ("neutral," PT: $90) believes the incoming CEO’s focus on growth signals a readiness to invest more, reset earnings expectations, and work toward closing performance gaps with peers

** "We believe Target has to dramatically increase spending, an earnings dilutive step they have, so far, been unwilling to take"- Roth MKM

** D.A.Davidson ("buy," PT: $115) sees some signs of improvement, calling it a "less worse" quarter, but believes the impact has been largely offset by the announced CEO change

** TD Cowen ("hold," PT: $110) believes TGT has the potential for future success, but faces challenges like slow progress, smaller wins (in denim, performance wear, and women’s), and growing competition from retail platforms like Amazon AMZN.O and Walmart WMT.N

(Reporting by Akriti Shah in Bengaluru)

((akriti.shah@thomsonreuters.com))