UPDATE: Deutsche Bank Reiterates Hold Rating, Lowers PT on Target Corporation Following Weak 3Q Results, Reduced Guidance

In a report published Friday, Deutsche Bank analyst Greg Poole reiterated a Hold rating on Target Corporation TGT, but lowered the price target from $64.00 to $61.00. In the report, Deutsche Bank noted, “Recall, after the Analyst Day less than a month ago we wrote, ‘with sales and earnings falling well short of original plans this year in both the U.S. and Canada and the macro environment likely remaining choppy NT, we feel that TGT may have missed an opportunity to reset the bar - especially with many investors already thinking the LT earnings view would be very difficult to still achieve.' We reiterate that statement following weak 3Q results and reduced sales and earnings guidance heading into 4Q. We've adjusted our FY14 EPS lower by $0.40 and now have a Price Target of $61.” Target Corporation closed on Thursday at $64.19.