As previously reported, JPMorgan analyst Matthew Boss downgraded Kohl's to Neutral from Overweight after the company's Q1 EPS and same-store-sales missed consensus expectations and management cut its FY19 EPS guidance. While he sees the CEO's "Blank Canvas" approach as the right course to separate Kohl's from brick and mortar peers, the combination of moderating same-store-sales, competitive pricing and digital pressures on gross margins raise incremental concern around its multi-year EBITDA expansion target, Boss tells investors. He lowered his FY19 and FY20 EPS estimates following the report and cut his price target on Kohl's shares to $64 from $84.