Target Shares Tumble

JPMorgan ($JPM@US) analysts downgraded Target shares from Negative Catalyst Watch to Neutral. The analysts cited a weakening U.S. consumer, grocery disinflation, a loss of market share over the past year, and high exposure to millennial customers and students as the cause of the move. They expressed concerns that Target's share loss could accelerate during the back-to-school season and continue into the holiday season, resulting in negative traffic for the company. The revised price target for Target shares is $144 per share, down from the previous target of $182, indicating a potential upside of about 10%. Target shares were down 1.2% in Thursday's premarket trading.