AMZN - Target: Shares Due For A Pause Earnings In Focus
2024-04-30 02:43:51 ET
Summary
- Very strong US consumer spending in March helped domestic retailers, but we'll know more in a few weeks when major consumer companies report Q1 numbers.
- I am downgrading shares of Target from a buy to a hold based on valuation trends.
- Heading into earnings, comp-store sales growth will be in focus along with the margins story.
- I highlight key price levels to watch over the coming months.
There seems to be no quit in the consumer. According to data from the US Bureau of Economic Analysis, retail spending was very strong in March. It was a gangbuster Retail Sales report, and last week’s PCE data revealed that the aggregate US Personal Saving Rate has dipped to just 3.2%, the lowest since October 2022. ...
Target: Shares Due For A Pause, Earnings In Focus