The stock of Minneapolis-based Target was downgraded to neutral this morning by UBS financial firm because of concerns about the retailer losing customers.
The word, according to MarketWatch.com:
UBS downgraded retailer Target Corp. (TGT 46.68, -0.60, -1.27%) to neutral from buy, saying it has “some long-term concerns over Target’s perception amongst consumers.” The broker said comparable-sales declines could show some improvement in September, largely due to the Labor Day shift, which may help the stock in the short term. But it added that its own analysis, including a survey of shoppers, suggests that the retailer has lost 14% of shoppers in the past couple of years and that 31% of those remaining are spending less. “This isn’t what one might expect from a discount business in a recession,” UBS said.