NEW YORK (TheStreet) -- Shares of Carter's (CRI) - Get Report were retreating on heavy trading volume mid-afternoon Tuesday after Wells Fargo cut its rating on the stock to "market perform" from "outperform," the Fly reports.

The firm also reduced its price target range to be between $92 and $94 from $110 to $112.

Wells Fargo said its quarter-to-date store checks suggest "choppy" retail traffic trends and "deeper" pricing and promotional pressure, the Fly added.

The firm believes it's time to step to the sidelines and look for a better entry point later.

Carter's is an Atlanta-based children's apparel retailer.

More than 1.6 million of the company's shares changed hands so far today vs. its average volume of 631,376 shares per day.

Separately, TheStreet Ratings Team has a "Buy" rating with a score of A- on the stock.

The company's strengths can be seen in multiple areas, such as its revenue growth, notable return on equity, good cash flow from operations, growth in earnings per share and expanding profit margins.

The team believes its strengths outweigh the fact that the company has had lackluster performance in the stock itself.

Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.

You can view the full analysis from the report here: CRI

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