Piper Jaffray Remains Bullish on Target (TGT) Following 2Q EPS Beat
- Wall Street falls ahead of inauguration
- IBM (IBM) Tops Q4 EPS by 13c, FY17 EPS Guidance Beats Consensus
- UPDATE: American Express (AXP) Misses Q4 EPS by 7c, FY17 EPS Guidance Tops Views at Mid-Poinit
- UPDATE: Synergy Pharma (SGYP) Trulance (Plecanatide) Approved by FDA
- Western Union (WU) Admits Anti-Money Laundering and Consumer Fraud Violations, Forfeits $586M in Settlement
Get access to the best calls on Wall Street with StreetInsider.com's Ratings Insider Elite. Get your Free Trial here.
Piper Jaffray reiterated an Overweight rating and $86.00 price target on Target (NYSE: TGT) following the company's 2Q earnings report. TGT reported an $0.11 EPS beat, while comps were down 1.1%. Comparable sales in both Q3 and Q4 are expected down 2% to flat compared to current Street estimates of +1.2% and +1.7% for Q3 and Q4, respectively. Q3 EPS is expected in the range of $0.75 to $0.95 compared to consensus at $0.96.
Analyst Sean Naughton commented, "Target reported Q2 results this morning with comparable sales in-line with guidance and Street estimates while earnings beat by $0.11. Transactions were down 2.2% in the quarter while the average transaction amount was up 1.1%. Guidance was disappointing as the company expects sales pressure to continue throughout the back half of the year. Q3 and Q4 comp sales were guided down 2% to flat compared to the Street at +1.2% and +1.7% for Q3 and Q4, respectively. EPS is now expected in the range of $4.80 to $5.20, bracketing consensus at $5.13. While the forecast for continued comp pressure is disappointing, we believe the depressed valuation should limit downside today for TGT shares."
Shares of Target closed at $75.48 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Target (TGT) PT, Estimates Cut at Buckingham Research Following Miss
- Deckers Outdoor (DECK) Bear Poser at Susquehanna Modestly Lifts Numbers
- Tutor Perini Corporation (TPC) PT Raised to $35.00 at Canaccord Genuity
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst EPS View
Related EntitiesPiper Jaffray, Earnings
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!