Target falls despite annual forecast hike
TGT•Quarterly results beat estimates
Q2 comparable sales grew 3.8% versus an estimate of 2.5%.
Q2 adjusted EPS was $4.11, topping the estimate of $2.33.
“Target posted a strong quarter, but the bar was high,” RBC analyst Steven Shemesh said.
As of the last close, the stock was up 56% year to date.
Annual forecast rises on turnaround efforts
Shares of Target (TGT.N) were down about 3% at $147.99 in choppy premarket trading after the big box retailer raised its annual sales forecast on turnaround efforts, including fresh merchandise and price cuts.
The company now sees FY net sales growth at 5%, down from 4% prior view.
Target also raised its annual EPS forecast mid-point by 75 cents, excluding tariff gains of $1.65, from its previous projection of $7.50-$8.50; analysts on average were expecting $8.50, according to data compiled by LSEG.
