Jefferies Has Hold On Target

Jefferies & Co. is out with a research report on Target (NYSE:

) after it reported earnings. It has a Hold rating and a $51 price target on shares. In a note to clients, Jefferies & Co. writes, "Target posted better than expected results this quarter, although much of the beat, relative to our model, came from lower D&A, lower taxes and lower bad debt expense. We continue to like growth initiatives (PFresh, Canada) but remain cautious short term on macro concerns. August sales are within plan, but below June and July levels as business proves choppy." Shares of TGT gained $1.18 yesterday to close at $50.55.