Target Corp (NYSE:TGT) shares are trading higher after the company reported a beat on EPS and revenue estimates.
The Minneapolis-based company reported fourth-quarter 2023 revenue growth of 1.7% year-on-year to $31.92 billion, beating the analyst consensus estimate of $31.83 billion.
Here’s what analysts have to say about the retailer:
JPMorgan analyst Christopher Horvers, CFA has a Neutral rating on the stock with a price target of $160.
Goldman Sachs analyst Kate McShane, CFA has a Buy rating on the stock with a 12-month price target of $176.
BofA Securities analyst Robert F. Ohmes, CFA reiterated Buy with a price target of $$160 on Target stock.
Telsey analyst Joseph Feldman has an Outperform rating on Target stock with a price target of $160.
Related: Why Is Target Stock Trading Higher Today?
JPMorgan: Horvers pointed out the key drivers of success, including lower markdowns, reduced freight costs, and a favorable product mix. He noted that despite a -4.4% comp sales figure, it exceeded projections, and the gross margin increased to 25.6%. While acknowledging SG&A deleveraging due to wage investments and inflationary pressures, Horvers highlighted the 5.8% 4Q operating margin, surpassing …
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