UPDATE: Jefferies & Company Downgrades Target Corporation to Hold, Lowers PT

In a report published Wednesday, Jefferies & Company downgraded its rating on Target Corporation

to Hold, and lowered its price target from $74.00 to $59.00. Jefferies noted, “While we had high hopes for Target this season, we believe the company continued to struggle in a few areas, including poor online execution, soft December sales, poor results with the Neiman Marcus merchandising initiative, increased price competition (greater price matching), and more markdowns y-y. Tough comparisons loom in Q1, so shares may stay in a narrow range.” Target Corporation closed on Monday at $59.17.