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Shares of Target Corp (NYSE:TGT) remained volatile in early trading on Thursday, even after the company reported upbeat third-quarter earnings.
Here are some key analyst takeaways:
Check out other analyst stock ratings.
BofA Securities: Target reported adjusted earnings of $1.78 per share, beating Street expectations of $1.72 per share, Ohmes said in a note. Comps declined by 2.7%, much steeper than the consensus estimate of a 1.8% contraction, reflecting a 2.2% decline in traffic and a 0.5% lower ticket size, he added.
Target's gross margin of 28.2% came in slightly lower than expectations of 28.4%, on higher markdowns, the analyst stated. "While we see continued sales softness for TGT, we think recently announced price reductions and merchandising initiatives could help support its perception of value & newness over time," he further wrote.
DA Davidson: The focus was not on Target's quarterly results, rather on its turnaround plan, Baker said. The biggest takeaway was the company planning to invest an additional $1 billion next year in "merchandising, store efficiency, and technologies centered around AI," he added.
While expectations are low, there is greater clarity on how the company plans to return to growth, the analyst stated. Target has partnered with OpenAI to improve the shopping experience, which is similar to what Walmart Inc (NYSE:WMT) had announced a few weeks ago "and we believe agentic commerce will be a consistent theme on retailer's calls," he further wrote.
JPMorgan: Target posted mixed results, with earning around 3% above expectations and a 2.7% decline in comps versus estimates of 2.0%, Horvers said. Gross margins came in roughly in-line with expectations, "while SG&A showed solid spending restraint and cost savings," he added.
Management narrowed their 2025 earnings guidance to $7.00-$8.00 per share, from their prior projection of $7.00-$9.00 per share, the analyst stated. "Importantly, incoming CEO Michael Fiddelke noted that TGT will be investing $5B into its business next year as the company carries out growth strategies," he further wrote.
Telsey Advisory Group: Target indicated that customers remained value-focused and budget-conscious, which resulted in significant volatility in its business, Feldman said. This trend is reflected both in the third-quarter results and full-year guidance, he added.
The company's sales remained flattish in August and October, while sales contracted by 4% in September, the analyst stated. "Target is making progress on its return to sustainable growth, but visibility remains cloudy on the timing and magnitude of returns, given difficult macro trends and early stages of new initiatives," he further wrote.
Needham: Target reported total revenue of $25.3 billion, down 1.5% year-on-year, Drbul said. While adjusted earnings came in better than expectations, it represented a 4% year-on-year decline, he added.
"Inventory ended the quarter at just under $15 billion, down 2% y/y, but management noted inventory in its frequency categories (which make up ~30% of unit sales) was up in anticipation for holiday demand," he further wrote.
TGT Price Action: Target shares were up 0.64% at $86.63 at the time of publication on Thursday. The stock is trading near its 52-week low of $85.30, according to Benzinga Pro data.
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