UPDATE: Deutsche Bank Upgrades Kohl's Corporation on Lack of Negative Catalysts on Horizon

In a report published Tuesday, Deutsche Bank analyst Paul Trussell upgraded the rating on

from Sell to Hold, and raised the price target from $46.00 to $50.00. In the report, Deutsche Bank noted, “While top-line/margin concerns remain, we do not see a potential catalyst on the horizon to drive shares meaningfully lower and therefore, we are upgrading shares of KSS to Hold. 3 Points: First, we believe 3Q SSS are tracking slightly below or at the low-end of plan, however, this no longer stands out amidst the weak retail sales environment; Second, looking ahead, risks to the P&L appear limited as updated guidance incorporates lower GPM in 3Q and negative comps in 4Q; Third, we credit management for ongoing initiatives, including the loyalty rewards test and beauty expansion, which have sparked investor interest and may drive gains in future quarters. Our PT goes to $50 from $46.” Kohl's Corporation closed on Monday at $53.64.