Retail

What to Expect From Target Earnings

Target Corp. (NYSE: TGT) will report its third-quarter earnings Wednesday before the market open. Thomson Reuters has consensus estimates of $0.47 in earnings per share and $17.56 billion in revenue. In the third quarter of the previous year, Target posted $0.56 in earnings per share and $17.26 billion in revenue.

Last year, Target had a difficult holiday season due to a data breach reported just before Christmas. This year, Target again plans to hire more than 70,000 workers, just as it did last year.

The retailer also plans to again begin its Black Friday sale at 6 p.m. on Thanksgiving, according to a company press release. Last year, the company opened its stores at 8 p.m. on Thanksgiving. In addition to opening early, Target is offering free shipping for all online orders placed through December 20. E-commerce has been a point of emphasis for the chain. In the second quarter of fiscal 2014, digital sales were up 30% from the same quarter the year before.

Total store sales for the final two months of 2014 are expected to rise only 4%. Stifel upgraded Target to a Buy rating from Hold with a price target of $76 on November 10.

ALSO READ: 5 Top Retail Stock Picks for the Holiday Shopping Season

Target’s share price fell below its 50-day moving average during the market sell-off in mid-October and bounced off the 200-day moving average to test the 50-day moving average again. After testing the 50-day moving average for about two weeks, shares crossed over and shot up to a 52-week high of $68.28. The 50-day moving average read at $62.21 and the 200-day moving average read at $59.08.

Shares of Target were down about 0.5% at $66.82 in the noon hour Tuesday. The consensus analyst price target is $61.04, and the 52-week trading range is $54.66 to $68.28. The market cap is near $42 billion.

Take This Retirement Quiz To Get Matched With An Advisor Now (Sponsored)

Are you ready for retirement? Planning for retirement can be overwhelming, that’s why it could be a good idea to speak to a fiduciary financial advisor about your goals today.

Start by taking this retirement quiz right here from SmartAsset that will match you with up to 3 financial advisors that serve your area and beyond in 5 minutes. Smart Asset is now matching over 50,000 people a month.

Click here now to get started.

Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.