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Here's Why Target Tumbled to the Tune of 11% During the First Six Months of 2023


Target Corporation (NYSE: TGT) shares shed 11.5% of their value in the first half of the year, according to data provided by S&P Global Market Intelligence, more than unwinding its bullish start to 2023. All told, shares are now down 27.6% from their early February peak. Lackluster quarterly results paired with a warning about the remainder of the year are responsible for most of that weakness.

Investors recognize that economic malaise -- stemming from inflation -- is working against consumer-facing companies right now. They just didn't seem to expect it to take the size of the toll it's taking on perennial winner Target.

The numbers: The retailer's top line grew an anemic 0.5% year over year during the three-month stretch ending in April, while same-store sales only improved 0.7%. Revenue of $25.3 billion and earnings of $2.05 per share both topped estimates (although just barely for sales). But, per-share earnings slipped from the year-ago comparison of $2.16.

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Source Fool.com

Target Corp. Stock

€137.58
-1.240%
A loss of -1.240% shows a downward development for Target Corp..
The stock is one of the favorites of our community with 48 Buy predictions and 1 Sell predictions.
As a result the target price of 170 € shows a positive potential of 23.56% compared to the current price of 137.58 € for Target Corp..
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