Deutsche Bank maintained a Hold rating on Kohl's (NYSE: KSS) and lowered its price target to $61.00 (from $67.00). Analyst Paul Trussell views Q2 results as disappointing.

"2Q results at KSS disappointed, leaving many investors worried that the company may fall short of FY15 SSS and EPS guidance, even after adjusted to the low-end of plan. We also fall into that camp, uncomfortable with management’s expectation for a comp acceleration to 2% in 2H from 0.8% in 1H which came against easy compares (2H gets tougher by 340 bps). We acknowledge 2x the loyalty member count, 900 stores with the new beauty concept, BOPIS rolled out store-wide, solid gains from online and app sales, and a potentially improving environment for denim and juniors over the coming months, but that still gets us to SSS of just 1.6% and 1.1% in 3Q and 4Q, respectively. With restricted flexibility to bring down expenses (2H guided up 2%-2.5%) and limited upside to GPM outlook that already calls for flat to up 20 bps YOY, we have taken our FY15 EPS forecast to $4.26, below the company’s plan at the low-end of $4.40-$4.60. Our PT goes to $61 on 13x our FY16 EPS estimate of $4.71, and we remain Hold rated as Greatness Agenda initiatives seem unlikely to drive more than LSD EPS growth vs. LY’s challenging 2H compare," said Trussell.

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Shares of Kohl's closed at $61.50 yesterday.