TARGET Q4 PROFIT TOPS EXPECTATIONS, STOCK ABOVE ALL MAs
Target stocks are currently trading at 76.15-higher by 4.79% as compared to the previous closing price. In the Premarket trading session, the stock was trading higher by more than 5%. The stock has pared some of its earlier gains after the opening bell.
The company reported better-than-expected earnings on Tuesday as the retailer’s in-house brands and easy delivery options drew its strongest traffic and same-store sales growth in more than a decade.
Target generated EPS of $1.53 for the fiscal fourth quarter ended February 2. The EPS was above the consensus estimates of $1.52. The company brought in 22.98 billion in revenue for the quarter, above the market expectation of $22.96 billion.
A comparable-store sales increase of 5.3% was also above the consensus estimates of 5.1%. The company also provided a better-than-expected full-year earnings forecast.
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 67.17% and suggests that the market can move in the upward direction.
TRADE SUGGESTION- LIMIT BUY AT 75.95 TAKE PROFIT AT 76.95 STOP LOSS AT 75.45