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Target stock rises on mixed Wall Street analyst ratings

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Yahoo Finance Live’s Brian Sozzi reports that a Jefferies analyst has slashed profit estimates on Target.

Video Transcript

BRIAN SOZZI: OK. All right, before we head to break, let's pull up shares of Target, which has had an eventful few weeks following its mid-June profit warning. We are getting some dueling calls from Wall Street today on TGT. Jefferies Analyst Stephanie Wissink has slashed her profit estimates on Target for this year and next year. Wissink says her cuts reflect Target taking longer to move unsold inventory, more pronounced discounting during the back-to-school and holiday seasons, and soft sales of discretionary items amid the economic slowdown. Meantime, Target stock was upgraded to overweight at Wells Fargo, which said the recent sell-off is just overdone.