Target Analysts Slash Their Forecasts After Q2 Results
Portfolio Pulse from Lisa Levin
Target Corporation reported Q2 FY23 sales of $24.77 billion, a 4.9% YoY decline, missing analyst consensus of $25.18 billion. Adjusted EPS of $1.80 beat the consensus of $1.39. However, Target lowered its FY23 adjusted EPS guidance from $7.75-$8.75 to $7.00-$8.00 and expects a mid-single-digit decline in comparable sales. Following the earnings announcement, Goldman Sachs, B of A Securities, and BMO Capital all lowered their price targets on Target.
August 17, 2023 | 12:14 pm
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Target's Q2 FY23 sales missed expectations and the company lowered its FY23 EPS guidance. This led to Goldman Sachs, B of A Securities, and BMO Capital lowering their price targets on the company.
Target's lower than expected Q2 sales and reduced FY23 EPS guidance are negative indicators for the company's performance. This has led to lowered price targets by several analysts, which could negatively impact investor sentiment and the stock's short-term price.
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IMPORTANCE 80
RELEVANCE 100