U.S. Retailer Stocks in Focus Offering Upcoming Holiday Sales’ Shopping Activity
Target (TGT) is due to announce its Q3 financial results on Wednesday, November 16, before the market opens. The consensus estimate for earnings per share, EPS, is $2.18, while the consensus estimate for revenue is $26.4 billion (+2.9% YoY). Over the past 2 years, TGT has beaten EPS and revenue forecasts 75% of the time.
Over the past 3 months, EPS estimates have undergone 1 upward and 23 downward revisions. Revenue estimates in the past period were revised upwards 5 times and downwards 13 times.
Walmart's (WMT) Q3 revenue and earnings spike earlier yesterday showed that while shoppers have become more budget-aware amid high inflation, they have significantly increased traffic towards those shops offering better pricing and discounts amid high inflation, which could also mean positive results for Target (TGT).
Ahead of the publication, Jefferies upgraded Target (TGT) to Buy as it believes the retail giant is starting to address margin issues after inventory growth alarmed investors by outpacing sales growth over the past three quarters.
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