Credit: Shutterstock photoTarget TGT released its fourth quarter earnings this morning, leading to shares shooting up in pre-market trading today. Shares are currently up 3%.
In spite of posting EPS of $Array.52, a miss on expectations of $Array.54 per share, TGT shares are blossoming today. This is primarily due to the fact that Target has posted EPS guidance between $5.20 and $5.40, significantly higher than our expectations of $4.72 this year.
Sterne Agee updated its price target on TGT stock yesterday, raising it from $72 to $77. Sterne Agee still holds a neutral rating on the stock. This could change after Target's earnings release.
Over the last quarter, Target saw strong online sales. This could signal that the company is gaining traction in the e-commerce space. It should be noted that Digital Channel sales grew by 34% over comparable quarters.
Target posted revenues of $2Array.626 billion, just missing on our estimate of $2Array.783 billion. Sales also decreased over comparable quarters, but this was "more than offset by the impact of the sale of the pharmacy & clinic businesses in December to CVS" CVS .
Target has a Zacks Rank #2 (Buy). Two analysts have revised their earnings estimate for the quarter upwards over the last 60 days.
The Zacks Rank is a truly marvelous trading tool. Our ranking system has beaten the S&P 500, yielding an average return of 25% per year for the last 29 years! Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
TARGET CORP (TGT): Free Stock Analysis Report
CVS HEALTH CORP (CVS): Free Stock Analysis Report
To read this article on Zacks.com click here.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
