UPDATE: Credit Suisse Lowers PT to $50, Maintains Neutral on Kohl's

Credit Suisse reiterates its Neutral rating on Kohl's KSS and lowers its price target $10 to $50 as the company confronts issues of access to hot products and reliance on promotions. Credit Suisse notes, "December's sales results highlighted two of the primary issues confronting KSS. First, they pointed to the lack of access to hot products in certain key areas such as cosmetics, women's accessories, and footwear. We also believe results reflected the overly promotional focus of the company's strategy. While KSS had high expectations for its largest brand launch in history with J. Lo and Marc Anthony (and we see no reason to believe that the launch was not successful), those product lines have not been enough to refocus consumer interest on content as a significant driver for store traffic. KSS closed at $48.09 yesterday.