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Target’s Second Quarter Results Better Than Feared

publication date: Aug 21, 2024
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Image: Target’s shares have been quite volatile since the beginning of 2023. 

Target expects a 0%-2% increase in comparable store sales and adjusted earnings per share in the range of $2.10-$2.40 in the third quarter (consensus was $2.24). For the full year, management thinks that comparable store sales growth will be in the 0%-2% range, with an increased likelihood that the increase will be in the lower half of the range. Target, however, now expects full-year GAAP and adjusted earnings per share in the range of $9.00-$9.70, which is up from previous expectations in the range of $8.60-$9.60 and the midpoint higher than the consensus forecast of $9.22 per share. Our fair value estimate of $155 per share remains unchanged at this time. Shares yield 3.1%.


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