JPMorgan Downgrades Target (TGT) as Uncertainty Clouds Next Year's Outlook

Shares of Target (NYSE: TGT) are now outperforming the broader stock market despite an earlier downgrade from JPMorgan's Christopher Horvers. The stock last traded at $52.45, down 1 percent from Friday's closing price.

Horvers now rates Target shares a Neutral, down from Overweight previously. The analyst maintains a $58 price target. Horvers upgraded shares of Wal-Mart (NYSE: WMT) to Overweight at the same time.

The JPMorgan analyst expects Target to have a tough time achieving already-optimistic earnings next year. Horvers cites, among other issues, a 50 cent per share impact from the retailer's expansion into Canada and lower profit from the credit-card segment. Horvers also said recent executive departures create uncertainty in an already difficult environment.

Check out our Analyst Ratings page to track all the market-moving analyst action on shares of Target.

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