BofA/Merrill Lynch analyst Robert Ohmes lowered estimates and his price target on Underperform-rated Target (NYSE: TGT) to $50.00 (from $55.00) and said they see risk to FY 2015 comps.

Ohmes commented, "TGT reported F1Q adj. EPS of $0.70 below our forecast of $0.73 (includes $0.36 from Canada dilution), with a 0.3% decline in same-store sales. We are lowering our F15E and F16E adj. EPS to $3.90 (was $4.00) and $4.40 (was $4.55) to reflect a more muted comp sales and gross margin outlook as well as incremental expenses (primarily in Canada), which more than offset a lower tax rate. We are lowering our price objective to $50 (was $55), 11.5x our new adj. F16E EPS of $4.40."

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Shares of Target closed at $57.20 yesterday.