TARGET Q2 PROFIT TOPS EXPECTATIONS, STOCK ABOVE ALL MAs
Target Corp. is currently trading at 102.22-higher by 19.46% as compared to the previous closing price. In the pre-market trading session, the stock was trading higher by 17%. The stock has continued gaining after the opening bell.
The company reported its fiscal second-quarter results before the market open on Wednesday. Target generated an EPS of $1.82 for the second quarter. The EPS was above the market expectation of $1.62. The company brought in $18.42 billion in revenue for the quarter ended 3rd August. The revenue was above the consensus estimates of $18.34 billion.
Same-store sales grew by 3.4% in the second quarter. Same-store sales were also above the median forecast of a 2.9% rise. Target raised its full-year outlook today as its investments in same-day delivery and pick-up services increased traffic to its website and stores. Stocks of Target have risen 29.4% year to date through Tuesday.
On the technical front, the current price is above the MA5. The current price is above the upper band of the Bollinger Bands and is heading upwards. The RSI is currently at 77.22% and suggests that the market can move in the upward direction.
TRADE SUGGESTION- LIMIT BUY AT 101.80 TAKE PROFIT AT 103.40 STOP LOSS AT 101.00