Target Shares Underperforming Again as Piper Jaffray Reduced Q2, CY13, CY14 Estimates, Concerning Traffic Cited

Following Thursday's 2 percent drop, shares of Target

are down an additional 1.5 percent to $70.78 in late-morning trade Friday. Citing a tough near-term spending environment and challenging industry traffic trends, Piper Jaffray analyst Sean Naughton lowered the following estimates:

Because of Target's sound long-term capital allocation strategy, Naughton maintains his Overweight rating and $80 price target on Target.