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Target (TGT) Advances While Market Declines: Some Information for Investors
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The latest trading session saw Target (TGT - Free Report) ending at $110.36, denoting a +1.55% adjustment from its last day's close. The stock exceeded the S&P 500, which registered a loss of 1.43% for the day. Elsewhere, the Dow saw a downswing of 0.32%, while the tech-heavy Nasdaq depreciated by 2.43%.
The retailer's stock has dropped by 0.73% in the past month, exceeding the Retail-Wholesale sector's loss of 2.31% and the S&P 500's loss of 1.55%.
Market participants will be closely following the financial results of Target in its upcoming release. The company plans to announce its earnings on November 15, 2023. The company's earnings per share (EPS) are projected to be $1.48, reflecting a 3.9% decrease from the same quarter last year. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $25.32 billion, down 4.53% from the year-ago period.
For the entire fiscal year, the Zacks Consensus Estimates are projecting earnings of $7.58 per share and a revenue of $107.21 billion, representing changes of +25.91% and -1.75%, respectively, from the prior year.
Additionally, investors should keep an eye on any recent revisions to analyst forecasts for Target. These revisions help to show the ever-changing nature of near-term business trends. Therefore, positive revisions in estimates convey analysts' confidence in the company's business performance and profit potential.
Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable rating system.
The Zacks Rank system, spanning from #1 (Strong Buy) to #5 (Strong Sell), boasts an impressive track record of outperformance, audited externally, with #1 ranked stocks yielding an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection has moved 0.2% lower. Target currently has a Zacks Rank of #4 (Sell).
Digging into valuation, Target currently has a Forward P/E ratio of 14.33. Its industry sports an average Forward P/E of 20.93, so one might conclude that Target is trading at a discount comparatively.
Also, we should mention that TGT has a PEG ratio of 1.13. The PEG ratio bears resemblance to the frequently used P/E ratio, but this parameter also includes the company's expected earnings growth trajectory. TGT's industry had an average PEG ratio of 2.11 as of yesterday's close.
The Retail - Discount Stores industry is part of the Retail-Wholesale sector. This industry currently has a Zacks Industry Rank of 167, which puts it in the bottom 34% of all 250+ industries.
The Zacks Industry Rank is ordered from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Ensure to harness Zacks.com to stay updated with all these stock-shifting metrics, among others, in the next trading sessions.
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Target (TGT) Advances While Market Declines: Some Information for Investors
The latest trading session saw Target (TGT - Free Report) ending at $110.36, denoting a +1.55% adjustment from its last day's close. The stock exceeded the S&P 500, which registered a loss of 1.43% for the day. Elsewhere, the Dow saw a downswing of 0.32%, while the tech-heavy Nasdaq depreciated by 2.43%.
The retailer's stock has dropped by 0.73% in the past month, exceeding the Retail-Wholesale sector's loss of 2.31% and the S&P 500's loss of 1.55%.
Market participants will be closely following the financial results of Target in its upcoming release. The company plans to announce its earnings on November 15, 2023. The company's earnings per share (EPS) are projected to be $1.48, reflecting a 3.9% decrease from the same quarter last year. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $25.32 billion, down 4.53% from the year-ago period.
For the entire fiscal year, the Zacks Consensus Estimates are projecting earnings of $7.58 per share and a revenue of $107.21 billion, representing changes of +25.91% and -1.75%, respectively, from the prior year.
Additionally, investors should keep an eye on any recent revisions to analyst forecasts for Target. These revisions help to show the ever-changing nature of near-term business trends. Therefore, positive revisions in estimates convey analysts' confidence in the company's business performance and profit potential.
Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable rating system.
The Zacks Rank system, spanning from #1 (Strong Buy) to #5 (Strong Sell), boasts an impressive track record of outperformance, audited externally, with #1 ranked stocks yielding an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection has moved 0.2% lower. Target currently has a Zacks Rank of #4 (Sell).
Digging into valuation, Target currently has a Forward P/E ratio of 14.33. Its industry sports an average Forward P/E of 20.93, so one might conclude that Target is trading at a discount comparatively.
Also, we should mention that TGT has a PEG ratio of 1.13. The PEG ratio bears resemblance to the frequently used P/E ratio, but this parameter also includes the company's expected earnings growth trajectory. TGT's industry had an average PEG ratio of 2.11 as of yesterday's close.
The Retail - Discount Stores industry is part of the Retail-Wholesale sector. This industry currently has a Zacks Industry Rank of 167, which puts it in the bottom 34% of all 250+ industries.
The Zacks Industry Rank is ordered from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Ensure to harness Zacks.com to stay updated with all these stock-shifting metrics, among others, in the next trading sessions.