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Target Boosts Forecast as Adjusted Q1 Results Top Expectations (TGT)

By Dividend.com,  May 16, 2012, 08:38:42 AM EDT

Retail chain operator Target Corporation ( TGT ) on Wednesday posted better-than-expected first quarter earnings results and provided an upbeat outlook.

The Minneapolis-based company reported first quarter net income of $697 million, or $1.04 per share, compared with $689 million, or 99 cents per share, in the year-ago period. Excluding special items, adjusted profit was $1.11 per share.

Revenue rose 6% from last year to $16.87 billion.

On average, Wall Street analysts expected a much smaller profit of $1.01 per share, on slightly lower revenue of $16.83 billion.

Looking ahead, TGT forecast adjusted second quarter earnings of $1.04 to $1.14 per share, while analyst are looking for 99 cents per share for the period.

The company also raised its full-year 2012 earnings outlook. Target now expects adjusted full-year earnings of $4.60 to $4.80 per share, which would easily exceed Wall Street's view of $4.28 per share.

Target shares rose $1.04, or +1.9%, in premarket trading Wednesday.

The Bottom Line
Shares of Target Corporation ( TGT ) have a 2.18% dividend yield, based on last night's closing stock price of $55.08. The stock has technical support in the $52 price area. If the shares can firm up, we see overhead resistance around the $58-$59 price levels.

Target Corporation ( TGT ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks , as well as a detailed explanation of our ratings system here .




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Stocks

Referenced Stocks: TGT



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