JPMorgan analysts downgraded Target (NYSE:TGT) shares to Neutral after previously placing the stock on Negative Catalyst Watch.

Since then, the backdrop has further deteriorated, the analysts said.

“The prospect for additional downward revisions is rising,” they said in a client note.

The analysts listed 4 key reasons behind the downgrade:

U.S. consumer is broadly weakening;
Grocery disinflation;
TGT has been giving back share on a 1Y view; and
High exposure to millennial customers and students.
“TGT has been giving back share on a 1Y view and we believe this share loss could accelerate into back to school and linger into holiday given consumer pressures and recent company controversies. This could turn TGT’s traffic negative after an impressive run of 12 consecutive positive quarters. This shift is generally bad for retail stock valuation given attribution is highest at the topline and, particularly for traffic,” the analysts wrote in a client note.

The new price target is $144 per share, down from the prior $182, suggesting an upside potential of about 10% through Wednesday’s close.

Target shares are down 1.2% in premarket Thursday.