UPDATE: Jefferies Reiterates On Target On Challenges Ahead

In a report published Thursday, Jefferies analyst Daniel Binder reiterated a Hold rating on Target (NYSE: TGT), but lowered the price target from $57.00 to $52.00.

In the report, Jefferies noted, “Management's sense of urgency is elevated and change is coming in the US, Canada and online. The first lever getting pulled is promotional pricing to drive traffic. Beyond that, merchandising is aiming to get more ‘unique' and speed to improve ecommerce and Canada will increase. This comes at a cost as EPS gets cut and we suspect the next CEO may have to lower again if additional changes are deemed necessary, so shares remain in limbo.”

Target closed on Wednesday at $57.20.