Bank of America downgraded shares of Target ( TGT) Wednesday, saying the company has surprised the Street with its achievements in the last year and, consequently, the stock has become too expensive. "We like what Target is doing, but we are not alone," said analyst Aram Rubinson, who lowered his investment rating on the discount chain to neutral from buy. He referred to three problems at the company that Wall Street was focused on last year -- credit, earnings and department stores -- all of which have become diminishing concerns in 2004. Shares of Target were recently down 47 cents, or 1.1%, to $43.24. Rubinson noted that a year ago, the Street was worried about Target's credit business because retailers in general have "rarely been successful with credit." But Target achieved its objectives month after month and its credit business has continually improved, he said. Bank of America has done investment banking for Target. "Target is ably managing a business that has tripped up many a retailer," said Rubinson. Another issue analysts were concerned about last year was Target's ability to meet its earnings guidance, especially in the fourth quarter, without added help from its credit business. But Rubinson noted that EPS rose 18% at Target stores in the fourth quarter and gross margin increased 60 basis points, minus the credit division.