** Share of department store chain Kohl's KSS.N up 3.3% at $14.84

** Citigroup upgrades rating to "buy" from "neutral"; says market too bearish on free cash flow this strong

** Notes co is achieving an attractive free cash flow, despite its operational challenges and difficult competitive landscape, resulting in a favorable risk-to-reward ratio

** Says the market has a misguided view of the company's debt load, and sees little stock downside because of its free cash flow, which averaged over $600 million annually over the past three years

** However, brokerage, which raises PT on stock to $22 from $14, says the upgrade is not a bullish call on department stores

** One of 14 brokerages rates the stock "buy" or higher, eight "hold," and five "sell" or lower; median PT is $16 - data compiled by LSEG

** As of last close, stock fell ~30% YTD