The U.S.-China trade thaw is helping Target’s stock today. Some analysts still see problems with no obvious solutions.

Shares of Target Corp. rallied on Monday after the U.S. and China

agreed to a temporary pullback in their tariff brinkmanship. But even without global trade anxieties, the big-box retailer faces plenty of difficulties, analysts at Bernstein said.

Indications of a tough first quarter; competition with Walmart Inc., Costco Wholesale Corp. and Amazon.com Inc.; shrinking customer appeal; and a tough trade-off between sales growth and retaining margins have converged for the chain, they said. Those factors led the analysts to downgrade the stock to underperform.