Target tops estimates – the stock is soaring
16 November 2023Target Corporation (NYSE: TGT) released Q3 financial results before the market open in the US on Wednesday.
The US retail giant beat both revenue and earnings per share (EPS) estimates for the previous quarter, sending the stock higher.
Company overview
- Founded: June 24, 1902
- Headquarters: Target Plaza Minneapolis, Minnesota, United States
- Number of employees: 440,000 (2023)
- Industry: Retail
- Key people: Brian Cornell (Chairman & CEO)
The results
Target reported revenue of $25.398 billion for Q3 (down by 4.2% from the same period in 2022) vs. $25.285 billion estimate, according to TradingView.
EPS reported at $2.10 per share (up by 35.9% year-over-year), exceeding analyst estimate of $1.474 per share.
CEO commentary
“In the third quarter, our team continued to successfully navigate our business through a very challenging external environment. While third quarter sales were consistent with our expectations, earnings per share came in far ahead of our forecast. This profit performance benefited from our team’s commitment to efficiency and disciplined inventory management, and I’d like to thank them for their tireless efforts. Looking ahead, we’re continuing to make investments throughout our business — in our assortment, our team and the services we offer — to provide the newness, affordability and convenience our guests want during the holiday season and beyond,” company CEO, Brian Cornell commented on the latest results and future plans.
The stock was up by over 16% after posting better-than-expected results. Shares were trading at around $129.55 – the highest level since 18/8/2023.
Stock performance
- 1 month: +17.13%
- 3 months: +0.26%
- Year-to-date: -13.39%
- 1 year: -16.97%
Target price targets
- Jefferies: $135
- Telsey Advisory Group: $145
- Tigress Financial: $180
- Evercore ISI Group: $130
- B of A Securities: $135
- Truist Securities: $116
- Stifel: $130
- HSBC: $140
- Morgan Stanley: $140
Target Corporation is the 270th largest company in the world with a market cap of $59.61 billion, according to CompaniesMarketCap.
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Sources: Target Corporation, TradingView, MarketWatch, MetaTrader 5, CompaniesMarketCap, Wikipedia
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