Target Cuts Q4 Sales Forecast, Projects 2.4% Comparable Sales Drop
Summary
Target has lowered its Q4 sales forecast to $30.46 billion, down from $30.92 billion last year, and now projects a 2.4% drop in comparable sales, reversing a prior 1.5% rise. This negative revision in guidance signals weakening demand and customer traffic, which the CEO is actively addressing. While Mizuho simultaneously raised its price target for TGT from $88 to $100, the company's own downward sales outlook is the more material and immediate concern for traders. Investors will monitor actual Q4 performance and management's strategies to improve customer engagement.
At the time of this announcement, TGT was trading at $113.06 on NYSE in the Trade & Services sector, with a market capitalization of approximately $51.2B. The 52-week trading range was $83.44 to $127.06. This news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: Wiseek News.