MKM Partners downgraded Kohl's (NYSE: KSS) from Buy to Neutral with a price target of $47.00 (from $57.00).

Analyst Patrick McKeever commented, "While we prefer not to make a ratings change in response to a pre-release, our broad thesis - that a host of company initiatives, including a new loyalty program, an upgraded beauty assortment, a renewed emphasis on national brands, and more personalized marketing, would help Kohl's surmount structural challenges facing all department stores and generate sustained positive comps and stable margins - isn't playing out. Our new fair value estimate is $47 (vs. prior PT of $57), 11x our new 2016 EPS estimate."

4Q15 EPS estimate goes from $1.89 to $1.56. For the year, they now expect ex-items EPS of $3.98 vs. new guidance of $3.95-$4.00, down from a prior implied $4.40. They are lowering FY16 comp estimate from 2.0% to 1.5% and EPS from $4.75 to $4.30.

For an analyst ratings summary and ratings history on Kohl's click here. For more ratings news on Kohl's click here.

Shares of Kohl's closed at $51.13 yesterday.