As expected, Target reported improved results QoQ and issued seemly conservative guidance for 2025. We write “seemly” because of all the consumer and business unease being stirred by the hurricane in Washington. That unease is leading to lower macro activity, which for retail means a lower volume month, resulting in bigger percentage-changes given a smaller denominator. A very wintery February is also a factor. We wrote about all of this in our Walmart story two weeks ago and the environment appears little changed since then – i.