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Target (TGT) Stock Slumps, Cleveland Research Cuts Estimates

NEW YORK (TheStreet) -- Shares of Target (TGT) were slipping in late morning trading on Tuesday as Cleveland Research lowered its same-store sales and earnings estimates for the company based on its soft July sales.

The firm forecasts the discount retailer's same-store sales fell 1.5% last quarter and that earnings were $1.10 per share, Bloomberg reports. Those numbers are below analysts' models of 1% comparable-sales decrease and earnings of $1.12, Cleveland Research added.

"Our updated work indicates traffic slowed in July despite more aggressive promotions as the company appears to be losing share in grocery and seeing weakness in discretionary/signature categories," Cleveland Research continued in an analyst note, according to...