XLP - Target's Sales Decline And EPS Miss: Why Analysts Remain Optimistic | Benzinga
Target Corp (NYSE:TGT) reported a first-quarter FY24 sales decline of 3.1% year-on-year to $24.531 billion and a comparable sales decline of 3.7%.
The company posted an adjusted EPS of $2.03, missing the consensus estimate of $2.06. The following are the reactions of analysts after the earnings.
BofA Securities – Reiterates Buy, price target of $190.00
Analyst Robert F. Ohmes said the miss versus consensus in the adjusted EPS was driven by higher selling, general and administrative costs as a percentage of sales, as gross margin of 27.7% came in ahead.
The same-store sales decline included a 1.9% decline in both traffic & ticket, noted the analyst.
While discretionary sales remained soft, sales ...