On 5 March 2024, Target Corporation (TGT) is expected to disclose an improvement in earnings relative to the previous year in its quarterly report, primarily attributed to heightened revenues. However, the extent to which actual results deviate from these projections significantly impacts its stock performance in the short term.
TGT Stock Price Could Soar After Earnings Report
If the upcoming earnings report, scheduled for March 5, surpasses expectations, there is a possibility that the stock will undergo a robust increase. Conversely, if the figures fail to meet expectations, there is a possibility that the value of the stock may decrease.
While the sustainability of price fluctuations and future earnings expectations predominantly depends on the insights provided by management during the earnings call, evaluating the probability of a positive earnings-per-share (EPS) surprise is advisable.
Target Corporation (TGT) Earnings Projection Is Solid
According to projections, the quarterly earnings might come to $2.38 per share, representing a significant increase of 25.9% year-over-year. The projected revenue is currently $31.88 billion, indicating a slight increase of 1.5% compared to the corresponding period in the previous year.
The revision of the consensus earnings per share (EPS) estimate for the quarter by 0.33% over the previous month highlights the reevaluation of initial projections by analysts who follow the stock. Investors must acknowledge that although there may be a general adjustment in estimates, it might not invariably reflect the precise directional shifts implemented by individual analysts.
Target Stock Technical Analysis
In the daily chart of Target stock price, an ongoing bullish pressure is potent where the dynamic 20 EMA is carrying the momentum. Moreover, the latest high activity level is below the 135.84 static support level, which suggests buyers are accumulating.
On the bullish side, an upbeat quarterly earnings report could be a valid long opportunity, aiming for the 162.77 resistance level. Above this line, the next resistance level is at the 177.28 level.
On the bearish side, the bullish price action is going through a rising wedge pattern, where a valid breakout with a stable market below the 144.00 psychological level might be a bearish opportunity. In that case, a daily candle below the 135.84 static level could be a conservative short opportunity, aiming for the 124.00 level.
