These Analysts Boost Their Forecasts On Target After Upbeat Q4 Earnings
Portfolio Pulse from Avi Kapoor
Target Corp (NYSE:TGT) reported better-than-expected Q4 FY23 earnings, with revenue growth of 1.7% year-on-year to $31.92 billion and adjusted EPS of $2.98, surpassing analyst estimates. The company's CEO highlighted improved sales, traffic, and profitability, attributing success to the shopping experience offered. Target forecasts FY24 adjusted EPS of $8.60 – $9.60 and expects 0% – 2% growth in comparable sales. Following the report, Target shares surged 12%, and analysts from Morgan Stanley, HSBC, and Wells Fargo raised their price targets on TGT.
March 06, 2024 | 12:03 pm
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Target Corp reported strong Q4 FY23 earnings, surpassing analyst estimates with revenue growth and adjusted EPS. The company's optimistic FY24 EPS forecast and comparable sales growth expectations, coupled with a 12% surge in shares and raised price targets by analysts, indicate a positive outlook.
The positive earnings report and optimistic future earnings guidance, along with the significant share price increase and analyst upgrades, suggest a strong short-term bullish sentiment for Target's stock.
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IMPORTANCE 95
RELEVANCE 100