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TARGET EPS BEATS ESTIMATES, STOCK RISES ABOVE MA5 - Capital Street FX

20-Nov
20:11 IST

Target’s stock is currently trading at 118.60-higher by 6.99% as compared to the previous closing price. In the pre-market trading session, the stock was trading higher by 9.86%. The stock has pared some of its earlier gains and after the opening bell.

The company on Wednesday morning reported earnings and sales for the third quarter of fiscal 2019. Target has generated an adjusted EPS of $1.36 for the quarter ended 2nd November. The EPS was above the market expectation of $1.19. The big-box retailer brought in $18.67 billion in revenue for the third quarter. The revenue was also above the consensus estimates of $18.49 billion. Same-store sales grew by 4.5%, higher than the market expectation of 3.6%.

The big-box retailer reported online sales grew by 31% in the third quarter. Target also raised its profit outlook for the full year. The company now sees full-year adjusted EPS in the range of $6.25 to $6.45, compared with an earlier forecast of $5.90 to $6.20. Target now sees same-store sales to be up by 3% to 4% for the fourth quarter.

On the technical front, the RSI is currently at 71.39% and suggests that the market can move in the upward direction. The current price is above the MA5. The current price is above the upper band of the Bollinger Bands and is heading downwards.

 

TRADE SUGGESTION- LIMIT BUY AT 118.37 TAKE PROFIT AT 119.87 STOP LOSS AT 117.67

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