UPDATE: Jefferies Lowering Price Target on Wal-Mart

Jefferies & Co. is out with a research report on Wal-Mart

and it has a Hold rating and is lowering its price target to $54 from $57 after it reported earnings. In a note to clients, Jefferies & Co. writes, "Share weakness reflects shaken confidence that better comp store sales will translate to better earnings in the next several quarters as Wal-Mart invests heavily in price. We may end up with the same EPS outcome, but simply get there a different way - higher sales with lower profitability. Integration activity and a transition to EDLP in large international markets could prove disruptive for several quarters and possibly years." Shares of WMT lost $1.43 yesterday to close at $57.46.