Target Beats Q1 EPS, Raises FY Sales Outlook, But Warns of Q2 Weakness
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Target reported a strong Q1, with adjusted EPS of $1.71 significantly beating analyst estimates of $1.42, and sales rising 6.7% to $25.44 billion. The company also raised its full-year sales growth guidance to approximately 4% and expects full-year EPS to be at the high end of its $7.50-$8.50 range. This follows an 8-K filed yesterday that also indicated stronger-than-expected Q1 results. However, management warned that Q2 could be weaker than Q1 due to tougher year-over-year comparisons and ongoing consumer macro jitters. This mixed outlook, despite the strong Q1 and raised full-year guidance, introduces near-term uncertainty for the stock.
At the time of this announcement, TGT was trading at $122.00 on NYSE in the Trade & Services sector, with a market capitalization of approximately $55.6B. The 52-week trading range was $83.44 to $133.10. This news item was assessed with neutral market sentiment and an importance score of 9 out of 10. Source: Wiseek News.