Jefferies Has Hold on Target

Jefferies & Co. is out with a research report on Target (NYSE: TGT) and it has a Hold rating and a $51 price target on shares.

In a note to clients, Jefferies & Co. writes, "Target reported a 5.3% September comp, topping our estimate for a 3-4% increase and consensus expectations for 3.8%. This was a nice acceleration from last month, driven by ticket increases and notable improvements in apparel and home. We expect October to soften slightly following strong sell through of Missoni product in September. Maintaining our Hold on concerns of slowing credit contribution and potential for a broader slowdown."

Shares of TGT are up $1.91 to $51.68, a gain of over 3%.