Citi Downgrades Target (TGT) to Neutral

Citi downgraded Target (NYSE: TGT) from Buy to Neutral with a price target of $56.00.

Analyst Kate McShane sees the stock under pressure and expects more competition on the horizon . She sees tough growth prospects for revenue through organic means or even acquired growth lest the company under-take some game-changing moves. She says Walmart (NYSE: WMT) is enhancing its e-commerce portfolio with recent purchases of Jet.com and Bonobos that will target millennials and Amazon's (NASDAq: AMZN) foray into grocery will add its own pressure to Target as both have recently changed the game.

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 $50.91 yesterday.

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