TGT Scores Fresh Record on Blowout Quarterly Win

The company also lifted its comparable sales outlook

Deputy Editor
May 19, 2021 at 10:44 AM
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When we checked in on Target Corporation (NYSE:TGT) yesterday, just ahead of its first-quarter earnings report, the stock was taking a breather about midway through the session. Shares now look to be bouncing off that dip, though, thanks to blowout results. 

The company posted a 23% pop in quarterly sales, as well as earnings and revenue that blew past analysts' estimates. Target cited investments in exclusive brands and services such as curbside pickup. In addition, it forecast comparable sales growth for the second half of 2021, brushing off lingering fears of a sales drop among some on Wall Street. 

At last check, the stock is up 4.5% to trade at $215.59, after earlier hitting a brand new record of $218.50. As previously noted, the 40-day moving average has been an area of support, and it appears the security has yet again bounced near this trendline. Plus, TGT has taken back its 20-day moving average, after dancing around it for the past several weeks. 

Credit Suisse has already chimed in, assuming coverage with an "outperform" rating and a $211 price target. The analyst is joining a generally bullish brokerage bunch. Coming into today, 14 called TGT a "strong buy," while five said "hold." Meanwhile, the 12-month consensus price target of $218.96 in line with current levels, indicating price-target hikes may be in the horizon.

The options pits are brimming with activity today. More specifically, 37,000 calls and 27,000 puts have crossed the tape in just the first hour of trading, which is 11 times what is typically seen at this point. The most popular is the May 215 call, followed by the 220 call in the same series, with new positions being opened at the former. 


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