Deutsche Bank analyst Ashish Sabadra lowered his price target for Alliance Data Systems to $218 citing challenges in the Epsilon businesses "and the uncertainty." The strategic alternatives for Epsilon announcement yesterday came in short of investor expectations of a potential deal announcement by end of the year as well as complete split of non-card businesses including LoyaltyOne, Sabadra tells investors in a research note. He believes the timing and the outcome remains uncertain "as the process could be potentially drawn out and the valuations have potentially come under pressure with the market volatility and the decline in Epsilon revenues."