SunTrust analyst Andrew Jeffrey lowered his price target on Alliance Data to $150 but kept his Buy rating, saying he expects the shorts to cover as the company's transition to GAAP reporting clarifies the "sustainability" of its model. The analyst notes that his discussion with CEO Melissa Miller and CFO Tim King highlighted the management's commitment to a "durable, transparent marketing-driven Card Services strategy" and its confidence that the company can capture market share in a $250B total addressable market. Jeffrey contends that the company can generate high-single digit organic revenue growth and a 10% expansion in earnings.