Jefferies Reiterates Hold On Kohl's, Lower's PT

In a note out today, Jefferies reiterated a Hold rating and retailer Kohl's (NYSE: KSS), but pared its price target on the stock to $47 from $51, implying limited upside from current levels.

"We think management will be revisiting its price and marketing plans for next fiscal year, likely resulting in further downward earnings revisions. The path to top-line improvement may mean more margin pain first. Given a lackluster response to increased promotion, we think content may need to be adjusted as well. Maintaining Hold rating for now as January is expected to be soft also," Jefferies said in the note.

Shares of Kohl's are flat today.