Target Corp (NYSE:TGT) shares are trading higher Thursday on continued strength following earnings.
What Happened: Target on Wednesday reported second-quarter revenue of $24.77 billion, which missed the consensus estimate of $25.18 billion, according to Benzinga Pro. Traffic was down 4.8%, comparable sales fell 4.3% and digital comps decreased 10.5%.
Still, the retailer found a way to easily beat on the bottom line. Target reported second-quarter adjusted earnings of $1.80 per share, which came in well ahead of estimates of $1.39 per share.
Analyst Assessment: Although several analysts lowered price targets following the print, many firms still have targets set well above current levels.
- DA Davidson analyst Michael Baker reiterated Target with a Buy rating and a $193 price target.
- Goldman Sachs analyst Kate McShane maintained Target with a Buy and lowered the price target from $185 to $168.
- BMO Capital analyst Kelly Bania maintained Target with a Market Perform and lowered the price target from $140 to $130.
- Morgan Stanley analyst Simeon Gutman maintained Target with an Equal-Weight and lowered the price target from $170 to $155.
- RBC Capital analyst Steven Shemesh reiterated Target with an Outperform and maintained a $161 price target.
- TD Cowen analyst Oliver Chen maintained Target with an Outperform and lowered the price target from $165 to $161.
- JP Morgan analyst Christopher Horvers maintained Target with a Neutral and raised the price target from $115 to $120.
See Also: Target May Have Missed On Sales, But Investors Can Still Net $500 A Month: Here’s How
TGT Price Action: Target shares were up 1.76% at $131.02 at the time of publication, according to Benzinga Pro.
Photo: courtesy of Target.
