Target Shares Underperforming Again as Piper Jaffray Reduced Q2, CY13, CY14 Estimates, Concerning Traffic Cited - Target (NYSE:TGT)

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Following Thursday's 2 percent drop, shares of Target (NYSE: TGT) 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:

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Q2 comp. sales growth estimate from 2.5 percent to 1.5 percent;
Q2 adjusted EPS estimate from $1.15 to $1.09;
CY13 adjusted EPS from $4.86 to $4.75; and,
CY14 adjusted EPS estimate from $5.71 to $5.52.

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