While Target (TGT) and Walmart (WMT) are Cowen's top two ideas in Retailing, the near-term risk/reward appears more favorable for Target as both companies head into their respective Q4 reports and investor days, analyst Oliver Chen tells investors in a research note. The analyst senses that investors are looking for Walmart's investor day to focus on digital profitability and for management to lay out a path toward more profitable growth. If commentary underwhelms, the shares may be pressured in the near-term, contends Chen. The company's multiple has "significantly expanded" over the last several years, driven by strong digital growth, and shares could be pressured if its growth guidance fails to meet expectations, the analyst adds. On the other hand, Chen points out that Target, his top idea for 2020, already issued implied fiscal 2020 guidance. The analyst keeps Outperform ratings on both stocks.