1023 ET - Target is cleaning up its inventory, and the retailer backed its 2025 outlook, suggesting the potential for estimates to move higher in the back half of the year, J.P. Morgan analysts say in a research note. "All that said, the CEO announcement is likely to cause some pressure on the stock as the market was looking for fresh eyes and a change agent," they write. The internal promotion likely signals that Target's turnaround will continue to focus on discretionary categories in an attempt to differentiate itself from competitors Walmart and Amazon.com, and that the company is unlikely to invest in building out a fulfillment operation for its growing marketplace offering, the analysts say. Shares fall 8%, making Target the worst performer in the S&P 500 on Wednesday. (connor.hart@wsj.com)

(END) Dow Jones Newswires

August 20, 2025 10:24 ET (14:24 GMT)

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