UPDATE: Jefferies Downgrades Target to Hold on Challenging Season

Jefferies reduced its rating on Target

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.