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TARGET SHARES RISE DESPITE MIXED FOURTH QUARTER RESULTS - Capital Street FX

03-Mar
19:43 IST

In the Premarket trading session on Tuesday, Target’s stock was trading at 109.06- higher by 0.67% as compared to its previous close.

The company reported its fourth-quarter results on Tuesday. The shares of Target fell on mixed earing report. The company reported that its holiday season resisted lower than expected sales of toys, electronics and home goods.

The Minneapolis-based company postponed its in-person investor meeting in New York City due to coronavirus.

The company generated an EPS of $1.69 for the fourth quarter compared to the same period last year. The EPS was above the consensus estimates of $1.65. Target brought in $23.40 billion in revenue for the fourth quarter, compared to the same period last year. The revenue was below the market expectation of $23.50 billion.

The company reported same-store sales will grow by low single digits, while analysts said they will be up to buy 3.2%.

Target CEO Brian Cornell touted the retailer’s growth in e-commerce and in stores. It has had 11 consecutive of growth at stores opened at least a year.

In the fiscal fourth quarter, Target said same-day services, including online order pickup, drive up and same-day Ship orders, accounted for more than 80% of its comparable digital sales growth.

On the technical front, the MACD Histogram has formed a divergence pattern which indicates price can rise. The Stochastic and the RSI suggest market can move in the upward direction.

Overall Bias is Positive and short-term trades can be initiated with below mentioned Stop Loss and Profit targets.

 

TRADE SUGGESTION- BUY @ 109.80, STOPLOSS @ 108.70 TARGET@ 112.00

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