These Analysts Boost Their Forecasts On Target After Upbeat Q4 Earnings

Target Corp TGT reported better-than-expected fourth-quarter earnings on Tuesday.

Target reported fourth-quarter FY23 revenue growth of 1.7% year-on-year to $31.92 billion, beating the analyst consensus estimate of $31.83 billion. Adjusted EPS of $2.98 beat the analyst consensus estimate of $2.42, according to data from Benzinga Pro.

"Our team's efforts changed the momentum of our business, further improving our sales and traffic trends in the fourth quarter while driving profitability well ahead of expectations," said Brian Cornell, chairman and chief executive officer of Target Corporation. "Throughout the season, guests responded to newness, value, and the inspiration and ease of our in-store and digital shopping experience. Looking ahead, we'll continue to invest in the strengths and differentiators that have delivered strong financial performance over time."

Target sees FY24 adjusted EPS of $8.60 – $9.60 against the Street view of $9.14; expects 0% – 2% growth in comparable sales.

Target shares gained 12% to close at $168.58 on Tuesday.

These analysts made changes to their price targets on Target after the company reported quarterly results.

• Morgan Stanley raised the price target on Target from $165 to $190. Morgan Stanley analyst Simeon Gutman maintained an Overweight rating.
• HSBC boosted the price target on Target from $140 to $195. HSBC analyst Daniela Bretthauer upgraded the stock from Hold to Buy.
• Wells Fargo increased the price target on Target from $165 to $190. Wells Fargo analyst George Kelly maintained an Overweight rating.

Now Read This: Campbell Soup, Box And 3 Stocks To Watch Heading Into Wednesday