Target slips after Barclays downgrades stock to 'underweight'

Shares of retailer Target down nearly 1% at $102.85

Barclays downgrades stock to "underweight" from "equal-weight"; has a PT of $173

TGT sales may continue to underperform and stronger changes to its strategy are needed to improve performance - brokerage

Weak demand for discretionary goods, which form a bulk of Target's products, will continue to hurt sales in the U.S., Barclays says

"While our analysis suggests comps have improved from Q1 (less bad, still negative), it has continued to underperform in both consumables and general merch" - Barclays

Expects company to elaborate on its key strategic initiatives when it reports Q2 results on August 20

10 of 38 brokerages rate stock "buy" or higher, 25 rate "hold" and 3 rate "sell" or lower; median PT is $103.50 - data compiled by LSEG

As of last close, TGT shares down 23.47% YTD