Jefferies Downgrades Target (TGT) to Hold, Cuts Estimates

Jefferies downgraded Target (NYSE: TGT) from Buy to Hold and cut its price target from $74 to $59.

"While we had high hopes for Target this season, we believe the company continued to struggle in a few areas, including poor online execution, soft December sales, poor results with the Neiman Marcus merchandising initiative, increased price competition (greater price matching), and more markdowns y-y. Tough comparisons loom in Q1, so shares may stay in a narrow range," the analyst comments.

Jefferies cut Q4 EPS from $1.49 to $1.40, FY12 EPS from $4.41 to $4.31 and FY13 EPS from $4.80 to $4.55.

For an analyst ratings summary and ratings history on Target click here. For more ratings news on Target click here.

Shares of Target closed at $58.57 yesterday.

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