UPDATE: Citigroup Reiterates Buy Rating, Lowers PT on Kohl's Corporation

In a report published Friday, Citigroup reiterated its Buy rating on Kohl's Corporation

, but lowered its price target from $63.00 to $61.00. Citigroup noted, “We rate the shares of Kohl's Buy. Kohl's is a well-positioned department store retailer due to its value proposition and continued inventory discipline. The company is focused on driving topline sales growth in stores and online and on enhancing the productivity and returns of its existing store base. From a sales perspective, keener focus on fashion merchandise and recent brand introductions and expansions should help to increase both traffic and ticket. From a margin perspective, we believe gross margins will be enhanced over time through improved merchandising, increased private label penetration, and technology rollouts, and SG&A expense should leverage as KSS realizes productivity gains in-store. We also expect the company to continue to return cash to shareholders through share repurchases and dividends.” Kohl's Corporation closed on Thursday at $45.02.