The Financial Post reports in its Friday edition Sears Canada executives believe they are turning the struggling retailer around, but analysts are not sold on the idea. The Post's Hollie Shaw quotes analysts Perry Caicco and Mark Petrie as saying in a research note Thursday, "Like almost every other Canadian merchant, they were lapping a quarter that contained Target with a quarter that didn't." They believe Sears can make a go of it in areas where minimal department store competition exists, but in order to do so, it will have to reduce its cost base quickly in order to avoid bleeding cash. "Every dollar of cash bleed comes from equity holders because the cash hoard shrinks, and eventually a store with real asset value has to be sold to shore things up," the CIBC analysts said. "They need fewer stores, better brands, and way more cost-cutting. In our calculation, the retail operation is basically worthless at this point." CIBC estimates Sears Canada is worth about $13 per share, largely due to the value of its real estate. Same-store sales continue to decline. CIBC, which rates the shares market perform, lowered its target price on the stock to $11 from $13. The shares closed Thursday at $8.87, up 40 cents.