Target

Target’s (TGT) merchandising and brand initiatives should help the retailer recapture traffic and share gains after reporting a strong fiscal Q4, BofA Securities said in an emailed note to clients Wednesday. The investment firm raised Target’s price target to $190 from $160 and reiterated its buy rating. Target faces steeper competition in same-day delivery as many large retailers also improved same-day offerings during the COVID-19 pandemic. Still, the company’s gross margin is expected to return to 6% operating margin in fiscal 2028, according to the note. “We continue to expect [gross margin] expansion in [fiscal year 2025] as well as a comp sales & traffic inflection in [fiscal Q2] driven by easing comparisons and the expected success of TGT’s merchandising initiatives,” BofA analysts said. “We expect these benefits to be partially offset by expense deleverage, particularly in Q1 as we forecast a comp sales decline of 4%.”

By James Rogers Target’s stock soared following the company’s fourth-quarter results Tuesday Target Corp. is well positioned for growth in its second-quarter as the retail giant gets past the challenges of recent years, such as the 2023 controversy over Pride-themed products, according to analyst firm D.A. Davidson. The discount retailer’s shares soared following the company’s fourth-quarter results to end Tuesday’s session up 12%. The stock is up 3.3% Wednesday. “For all the enthusiasm around TGT’s 4Q23 results, sales are still down year over year and are expected to be again in 1Q24,” wrote D.A. Davidson analyst Michael Baker, in a note released Tuesday. “But, the pivot to growth is coming, most likely in 2Q24 as TGT cycles the start of the worst of the negative comps a year ago, in part due to the Pride issue.” Target (TGT) pulled Pride-themed products from some stores in the run up to June

Target’s 4Q results and 2024 guidance are evidence that the retail giant is rebounding from a rocky 2023, as seen by its continued margin recapture and sequential improvements on the top line, UBS analysts say in a research note. There was quarter-to-quarter improvement in most discretionary categories, including toys and consumer electronics, which coincided with some sequential moderation in food inflation, the bullish analysts say. That suggests that a lack of food inflation this year could unlock some extra dollars in consumers’ budgets for discretionary spending, they say, raising their price target on the stock to $191 from $174. Shares rise 3.8% to $175.04.

Target Sees 1Q EPS $1.70-EPS $2.10。

Target: Had About $9.7 Billion of Remaining Capacity Under Repurchase Program as of 4Q End。

Target Corporation Reports Fourth Quarter and Full-Year 2023 Earnings PR Newswire MINNEAPOLIS, March 5, 2024 MINNEAPOLIS, March 5, 2024 /PRNewswire/ — Q4 2023 Highlights — Comparable sales and traffic trends improved sequentially for the second quarter in a row. — Same-day services (in-store pickup, Drive Up, and Shipt), which represent more than 10 percent of total sales, increased 13.6 percent in the quarter, led by growth in Drive Up. — GAAP and Adjusted EPS1 of $2.98 was 57.6 percent higher than last year, and well-above the high end of the expected range of $1.90 to $2.60. Full-Year 2023 Highlights — Full-year GAAP and Adjusted EPS of $8.94 were both nearly 50 percent higher than in 2022. — The Company’s operating income margin rate of 5.3 percent was nearly two percentage points higher than last year. Operating income dollars grew by nearly $2 billion compared with 2022, well-above expectations. — The

Target Sees 2024 Same-Store Sales Flat to Up 2%。

By Sarah Nassauer Target’s annual revenue declined for the first time in seven years, as the retailer struggled to entice shoppers to splurge on discretionary items like home goods and electronics. The company has been battling the effects of weaker traffic to its stores and shoppers spending a bigger chunk of their budgets on food and other essentials. On Tuesday it said revenue in the year ended Feb. 3 was $107.41 billion, down 1.6% from the previous year. Target earns most of its sales from nonfood items, in contrast to competitors such as Walmart, the country’s largest grocer. While inflation is cooling, especially in some nonfood categories, it has been 30 years since food costs have accounted for such a high percentage of Americans’ spending, according to government figures. Target’s weakness comes as some competitors are growing at a faster clip, including Amazon, Walmart and Costco. Each of those companies

TARGET CORPORATION Sees Fiscal Year 2024 EPS Range $8.60 – $9.60。

Target Q4 Total Comp Sales -4.4%, Comp Store Sales -5.4%, Comp Digital Sales -0.7%。

Target (TGT) reported fiscal Q4 adjusted earnings Tuesday of $2.98 per diluted share, up from $1.89 a year earlier. Analysts polled by Capital IQ expected $2.41 Sales for the quarter ended Feb. 3, were $31.47 billion, up from $30.98 billion a year earlier. Analysts surveyed by Capital IQ expected $31.85 billion. The retailer’s comparable sales fell 4.4% for fiscal Q4, compared with growth of 0.7% a year earlier. Analysts polled by Capital IQ expected a decline of 4.5%. For fiscal Q1, the company said it expects adjusted EPS of $1.70 to $2.10. Analysts surveyed by Capital IQ expect $2.10. Comparable sales for the fiscal quarter are expected to decline by 3% to 5%. Analysts polled by Capital IQ expect a fall of 3.5%. For fiscal 2024, Target said it expects adjusted EPS of $8.60 to $9.60. Analysts polled by Capital IQ expect $9.15. Comparable sales for the fiscal year are