Target falls short in Q2 – the stock is down

Target Corporation (TGT) reported its second quarter earnings results before the opening bell on Wall Street on Wednesday.

The US retailer reported revenue of $26.037 billion (up 3.5% year-over-year), which was slightly above analyst estimate of $26.032 billion.

Earnings per share reported at $0.39 per share (down 89.2% year-over-year) vs. $0.79 per share expected.

”I’m really pleased with the underlying performance of our business, which continues to grow traffic and sales while delivering broad-based unit-share gains in a very challenging environment,” Brian Cornell, chairman and CEO of Target Corporation commented on the second quarter results.

”I want to thank our team for their tireless work to deliver on the inventory rightsizing goals we announced in June. While these inventory actions put significant pressure on our near-term profitability, we’re confident this was the right long-term decision in support of our guests, our team and our business. Looking ahead, the team is energized and ready to serve our guests in the back half of the year, with a safe, clean, uncluttered shopping experience, compelling value across every category, and a fresh assortment to serve our guests’ wants and needs,” Cornell concluded.

Target Corporation (TGT) chart

The stock was down by 2.69% on Wednesday at $174.85 per share.

Here is how the stock has performed in the past year:

• 1 month +12.04%
• 3 months +8.50%
• Year-to-date -24.24%
• 1 year -29.18%

Target price targets

• JP Morgan $190
• Wells Fargo $195
• Piper Sandler $190
• Barclays $175
• UBS $205
• Deutsche Bank $198
• Morgan Stanley $190
• Goldman Sachs $171

Target Corporation is the 166^th largest company in the world with a market cap of $81.37 billion.

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Sources: Target Corporation, TradingView, MetaTrader 5, Benzinga, CompaniesMarketCap