Retail giant Target Corporation ( TGT ) on Wednesday posted better-than-expected second quarter earnings and provided a full-year forecast that would beat analysts' view.
The Minneapolis-based company reported second quarter net income of $704 million, or $1.03 per share, compared with $679 million, or 92 cents per share, in the year-ago period.
Revenue rose 4.6% from last year to $16.24 billion.
On average, Wall Street analysts expected a smaller profit of 97 cents per share on lower revenue of $15.9 billion.
Looking ahead, TGT said it expects full-year profits to range from $4.15 to $4.30 per share, while analysts are looking for $4.14 per share for the year.
Target shares rose $2.78, or +5.6%, in premarket trading Wednesday.
The Bottom Line
Shares of Target ( TGT ) have a 2.43% dividend yield, based on last night's closing stock price of $49.37. The stock has technical support in the $46 price area. If the shares can firm up, we see overhead resistance around the $52-$54 price levels.
Target Corporation ( TGT ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.3 out of 5 stars.
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