The bad news keeps coming for Target.
Jefferies analyst Daniel Binder said on Thursday that the retailer could face between $400 million and $1.1 billion in fines from the data breach that impacted up to 110 million shoppers, which "could be significant and higher than we first thought."
(Read more: MasterCard exec: Time to put chips in cards)
That estimate does not incorporate lost sales or customer goodwill from the breach. It also doesn't account for potential negative side effects from signing up fewer loyalty card members, or lower usage from existing cardholders.