Atlantic Equities analyst Daniela Nedialkova downgraded Kohls to Underweight and derived price target of $36 on shares. The analyst believes Kohl's continues to face competitive pressures from fast-fashion retailers, more price conscious traditional mall retailers, and promotions that will impact margins. Nedialkova said industry traffic conditions continue to be weak and consumer spending appears to have taken another leg lower over the last year. He expects the environment to persist through 2016, and potentially get tougher, and expects earnings to decline to $3.79 per share, or 4% year-over-year.