Target stock surges a day before earnings report, as strong results from rival Walmart provides a boost

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Shares of Target Corp. TGT, +4.81% surged 3.4% toward a three-month high in afternoon trading Tuesday, a day before the discount broadline retailer reports fiscal third-quarter results, as investors appeared to feel emboldened after rival Walmart Inc.’s WMT, +7.71% strong earnings report. Target’s stock, which has soared 16.4% over the past four sessions, is still 1.2% below where it closed the day before second-quarter results, while the Walmart’s stock has rallied 6.1% and the S&P 500 SPX, +1.06% has dropped 8.0%. Target’s stock has missed profit expectations by wide margins the past two quarters, sending the stock down 2.7% the day after second-quarter results and down 24.9% after first-quarter results. For Target’s third quarter, the FactSet EPS consensus of $2.16 has fallen from $2.49 at the end of the second quarter, the revenue consensus has slipped to $26.40 billion from $26.43 billion and the same-store sales consensus has dropped to 2.2% growth from 2.7% growth.

This article was originally published by Marketwatch.com. Read the original article here.

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