UPDATE: Citigroup Downgrades Kohl's Corporation to Neutral on Near-Term Challenges
Citigroup downgraded Kohl's Corporation (NYSE: KSS) from Buy to Neutral and lowered the price target from $57.00 to $50.00.
Citigroup said, "While we continue to like Kohl's positioning as your neighborhood apparel/home store, its turnaround has proved more challenging than expected. In the near-term, we are increasingly concerned about recent management turnover, lackluster merchandising, and high inventory levels. However, KSS is focused on getting its house in order in 2013, and we see four opportunities ahead. These actions could lead to improved results later this year, but we believe that it's prudent to step to the sidelines for now."
Kohl's Corporation closed at $45.21 on Monday.
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