SunTrust analyst Andrew Jeffrey lowered his price target on Alliance Data to $180 to reflect the risks related to the "significantly dilutive" Loyalty sale prospects. The analyst maintains his Buy rating however, noting that investors are likely "overstating" the risk of earnings growth disruption while undervaluing the company's long-term competitive advantage. Jeffrey adds that Alliance Data's recent CEO transition does not suggest that the company's is facing "structural challenges", noting that the "long tenure" of incoming CEO Melissa Miller reduces the risk of a "major reset."