Credit Suisse analyst S. Sigman chopped estimates and its price target on The Container Store (NYSE: TCS) to $16.00 (from $27.00) following Q1 results but maintained an Outperform rating.

Sigman commented, "We continue to view TCS as a winning concept with significant long-term growth potential, but the key investment question for this growth story continues to be whether it can reverse the traffic declines seen over the last two years, and/or offset that with ticket driving initiatives. Weaker Q4 results and the near-term comps outlook suggest little improvement on the traffic issue, while in order to achieve the ticket benefits related to its closet initiatives, there are heavy investments planned for 2015. That seems to push this story out, and will likely send this stock down again tomorrow."

The firm cut FY 2015 EPS from $0.41 to $0.32.

For an analyst ratings summary and ratings history on The Container Store click here. For more ratings news on The Container Store click here.

Shares of The Container Store closed at $21.69 yesterday.