Target (TGT) Rises Higher Than Market: Key Facts

In the latest market close, Target (TGT) reached $151.99, with a +1.23% movement compared to the previous day. The stock outpaced the S&P 500's daily gain of 0.17%. Elsewhere, the Dow lost 0.25%, while the tech-heavy Nasdaq added 0.37%.

The the stock of retailer has risen by 6.1% in the past month, leading the Retail-Wholesale sector's loss of 0.11% and the S&P 500's gain of 3.8%.

The upcoming earnings release of Target will be of great interest to investors. The company's earnings report is expected on March 5, 2024. The company is forecasted to report an EPS of $2.38, showcasing a 25.93% upward movement from the corresponding quarter of the prior year. Our most recent consensus estimate is calling for quarterly revenue of $31.88 billion, up 1.54% from the year-ago period.

It's also important for investors to be aware of any recent modifications to analyst estimates for Target. These revisions typically reflect the latest short-term business trends, which can change frequently. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.

Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system.

The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection has moved 0.21% higher. At present, Target boasts a Zacks Rank of #2 (Buy).

In terms of valuation, Target is currently trading at a Forward P/E ratio of 16.44. This valuation marks a discount compared to its industry's average Forward P/E of 22.47.

Investors should also note that TGT has a PEG ratio of 1.16 right now. Comparable to the widely accepted P/E ratio, the PEG ratio also accounts for the company's projected earnings growth. The Retail - Discount Stores was holding an average PEG ratio of 2.15 at yesterday's closing price.

The Retail - Discount Stores industry is part of the Retail-Wholesale sector. This group has a Zacks Industry Rank of 80, putting it in the top 32% of all 250+ industries.

The Zacks Industry Rank evaluates the power of our distinct industry groups by determining the average Zacks Rank of the individual stocks forming the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.

Just Released: Zacks Top 10 Stocks for 2024

Hurry – you can still get in early on our 10 top tickers for 2024. Hand-picked by Zacks Director of Research, Sheraz Mian, this portfolio has been stunningly and consistently successful. From inception in 2012 through November, 2023, the Zacks Top 10 Stocks gained +974.1%, nearly TRIPLING the S&P 500’s +340.1%. Sheraz has combed through 4,400 companies covered by the Zacks Rank and handpicked the best 10 to buy and hold in 2024. You can still be among the first to see these just-released stocks with enormous potential.

See New Top 10 Stocks >>

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report

Target Corporation (TGT) : Free Stock Analysis Report

To read this article on Zacks.com click here.

Zacks Investment Research

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

More Related Articles

Info icon

This data feed is not available at this time.

Sign up for the TradeTalks newsletter to receive your weekly dose of trading news, trends and education. Delivered Wednesdays.