(NYSE: TGT) isn't due to announce its next quarterly update for a few weeks, but investors are already busy making projections about the struggling retailer's business. On average, Wall Street pros expect sales to fall by about 1% year over year for the selling period that runs through late July following a flat result in the previous quarter.

Target is dealing with major sales and earnings challenges stemming from a sharp demand shift away from merchandise categories that were booming during the pandemic. Yet inventory levels are down, potentially setting the business up for a solid rebound over the next few quarters.

Against that mixed backdrop, let's take a look at the possibilities ahead for this retailer over the next year.

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Source Fool.com