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Home / Business / Target's stock rises to a record high after surpassing earnings and sales, and has raised forecasts

Target's stock rises to a record high after surpassing earnings and sales, and has raised forecasts



Shares of Target Corp.

TGT, -0.40%

rose to a record high of 8.8% in the premarket trade on Wednesday, after the discounter posted higher-than-expected earnings and sales in the third quarter of the fiscal year and the outlook raised for the full year. Net income for the quarter ended November 2, was $ 714 million, or $ 1.39 per share, of $ 622 million, or $ 1.17 per share, for the same period last year. Excluding one-time items, adjusted earnings per share increased from $ 1.09 to $ 1.36, well above the $ 1

.1 FactSet consensus. Revenues increased 4.7% to $ 18.67 billion to beat the $ 18.45 billion FactSet consensus, with sales in the same business rising 4.5% and expectations of 3% , 7% exceeded. For the fourth quarter, Target expects adjusted earnings per share of $ 1.64 to $ 1.74, and revenue growth of 3% to 4% in the same business, compared to $ 1.75 per share for FactSet earnings per share a sales growth of 3.3% in the same business. For 2019, Target increased its adjusted earnings per share from $ 5.90 to $ 6.20 to $ 6.25 to $ 6.45. The stock has risen by 67.7% by Tuesday, while the SPDR S & P Retail ETF

XRT, -1.94%

gained 7.2% and the S & P 500 gained

SPX, -0.06%

increased by 24.5%.


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