Target Corporation Shares Rise 6% to 11-Month High Following Improved Sales Forecast

Target Corporation Posts 6% Gain, Reaches 11-Month High ================================================--------

Target Corporation (NYSE: TGT) shares surged 6% on Tuesday, reaching an 11-month high of $119.65 per share, despite reporting a decline in revenue and customer traffic at its stores.

Financial Highlights

• Revenue: Target reported a 1.5% decline in sales to $30.45 billion for the three-month period ended January 31, compared to $30.91 billion in the prior year period.
• Earnings: The company earned $2.30 per share, or $1.05 billion, for the quarter, compared to $2.41 per share, or $1.10 billion, in the prior year period. Adjusted earnings per share were $2.44.
• Comparable Sales: Sales at established stores and online channels fell 2.5%, marking the 11th quarter out of the past 13 in which Target has posted declines or flat growth in this metric.

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Guidance and Outlook

• Sales Growth: Target expects net sales for the fiscal year to increase by 2%, implying projected sales of $106.88 billion, slightly above analysts' expectations of $106.7 billion.
• Earnings Guidance: The company anticipates earnings per share to be in the range of $7.50 to $8.50.

New CEO's Plans

• Michael Fiddelke, Target's new CEO, is expected to reveal details about his plans to turn around the company during the annual meeting in Minneapolis on Tuesday.

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US Stock Market Update

• Dow Jones Industrial Average: The index fell 1,135 points, or 2.3%, to 46,555.41.
• S&P 500: The index fell 2.2% to 3,955.49.
• Nasdaq Composite: The index fell 2.3% to 14,144.19.