The Reject Shop (TRS) | Maintain Quant SELL($8) after today's downgrade | We maintain our Quant Sell rating on The Reject Shop (TRS) with a Quant Target Price (QTP) of $8.00. After being positive on TRS since July 2012, we turned negative in mid-January 2014 when the share price was around $17.00 due to macro headwinds and higher competition from big retailers. The recent Commission of Audit report has set the scene for the budget cuts to hit middle to low income earners the most. The next year is likely to bring a falling currency, higher competition, rising unemployment and budget cuts to further dampen consumer sentiment. (VIEW LINK)