UPDATE: Jefferies Downgrades Target to Hold on Challenging Season
Jefferies reduced its rating on Target (NYSE: TGT) from Buy to Hold and lowered its price target from $74 to $59.
Jefferies noted, "While we had high hopes for Target this season, we believe the company continued to struggle in a few areas, including poor online execution, soft December sales, poor results with the Neiman Marcus merchandising initiative, increased price competition (greater price matching), and more markdowns yy. Tough comparisons loom in Q1, so shares may stay in a narrow range."
Target closed at $59.17 on Monday.
Latest Ratings for TGT
|Apr 2015||Bank of America||Upgrades||Neutral||Buy|
|Mar 2015||JP Morgan||Maintains||Neutral|
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.