Not long ago, (NYSE: TGT) reported its financial results for the fourth quarter of fiscal 2023 (ended Feb. 3). Investors were very pleased with the numbers. As of this writing, shares are up more than 10% from the announcement a couple weeks ago, and they are up 18% in 2024.

Investors might be compelled to rush in and buy this top retail stock with $1,000 right now as it benefits from positive sentiment. Before doing so, however, it's best to gain a more thorough understanding of what's going on with Target. Let's take a closer look at the business.

In the most recent quarter, the company reported earnings per share of $2.98, which meaningfully outperformed consensus analyst estimates of $2.42. That figure was also up a whopping 58% year over year. Target is benefiting from fewer markdowns as well as lower freight and transportation costs.

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Source Fool.com