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Target stock rallies as earnings exceed expectations

Klavs Valters
22/3/2024
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American supermarket chain Target Corporation (NYSE: TGT) announced the latest earnings results before the opening bell on Wall Street on Tuesday. Target reported revenue of $31.919 billion for the previous quarter vs. $31.827 billion expected. Earnings per share (EPS) also topped estimates at $2.98 vs. $2.416 per share expected.

Revenue and EPS increased by 1.6% and 57.67% year-over-year respectively. The company achieved full-year revenue of $105.803 billion in 2023, down from $107.588 billion in 2022. 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) CEO commentary Target CEO, Brian Cornell had this to say to investors: "Our team's efforts changed the momentum of our business, further improving our sales and traffic trends in the fourth quarter while driving profitability well ahead of expectations." "Throughout the season, guests responded to newness, value, and the inspiration and ease of our in-store and digital shopping experience.

Looking ahead, we'll continue to invest in the strengths and differentiators that have delivered strong financial performance over time. We'll also roll out fresh innovations, including our new Target Circle membership program, as part of our roadmap for growth aimed at meeting consumers where they are, reigniting sales, traffic and market share gains, and positioning Target for profitable growth in 2024 and beyond," Cornell added. Stock reaction The stock rallied by over 11% after the latest financial results were announced, trading at $168.20 a share – the highest level since April 2023.

Stock performance 5 day: +10.37% 1 month: +16.15% 3 months: +26.24% Year-to-date: +17.79% 1 year: +3.03% Target stock price targets JP Morgan Chase & Co.: $157 Telsey Advisory Group: $160 Oppenheimer: $170 Wells Fargo & Company: $165 Stifel Nicolaus: $153 Gordan Haskett: $170 Morgan Stanley: $165 TD Cowen: $148 BMO Capital Markets: $130 Royal Bank of Canada: $157 Citigroup: $142 Jefferies Financial Group: $135 Tigress Financial: $180 Evercore ISI: $130 Bank of America: $135 Target Corporation is the 215 th largest company in the world with a market cap of $77.39 billion, according to CompaniesMarketCap. You can trade Target Corporation (NYSE: TGT) and many other stocks from the NYSE, NASDAQ, HKEX and ASX with GO Markets as a Share CFD on the MetaTrader 5 platform. To find out more, go to "Trading" then select "Share CFDs".

GO Markets offers pre-market and after-market trading on popular US Share CFDs. Why trade during extended hours? Volatility never sleeps.

Trade over earnings releases as they happen outside of main trading hours Reduce your risk and hedge your existing positions ahead of a new trading day Extended trading hours on popular US stocks means extended opportunities Sources: Target Corporation, TradingView, MarketWatch, MarketBeat, CompaniesMarketCap

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