Target Stock Set to Soar on Q2 Earnings Report
Target Corporation (NYSE:TGT) is set to release its second-quarter financial results on Wednesday before market open, and analysts are expecting a strong report that could propel the stock higher. The company has beaten analyst estimates for revenue in five of the last six quarters, including the most recently reported first quarter.
The consensus estimate for Target's Q2 earnings per share is $2.32, up from $2.05 in the same period last year. Analysts are also expecting revenue to reach $26.13 billion, a 3.6% increase from last year's second-quarter revenue of $25.21 billion.
Target's turnaround has attracted positive commentary from analysts, with many raising their price targets for the stock. For example, DA Davidson maintained its Buy rating and raised the price target to $170, while Telsey also maintained an Outperform rating and raised the price target to $170.
The data shows that Target could have higher visitor growth than Walmart (NASDAQ:WMT) in the second quarter, which could translate into gaining market share. According to a Placer.ai report, visits to Target stores were up 4.7% year-over-year in the second quarter, compared to a gain of 0.7% for rival Walmart.