Target Corporation Reports Strong Q3 2024 Earnings and Announces Holiday Price Cuts

Target Corporation (NYSE: TGT) released its third-quarter 2024 financial results on November 20, 2024, showcasing a mix of positive and stable performance metrics. The company reported a comparable sales growth of 0.3% and a significant increase in digital sales of 10.8%. Guest traffic also saw a rise of 2.4% during the quarter.

In addition to the earnings report, Target announced plans to reduce regular prices on more than 2,000 items this holiday season. This move is aimed at driving traffic to both its physical stores and online platform, offering better value to consumers during the festive period. The price cuts will include both in-house and national brand items.

Analysts have generally maintained a positive outlook on Target. RBC Capital analyst Steven Shemesh reiterated a Buy rating on the stock, setting a price target of $188.00. This sentiment is echoed by Oppenheimer’s Rupesh Parikh, who also issued a Buy rating on November 18. However, Evercore ISI initiated coverage with a Hold rating on November 14.

Despite the positive earnings and analyst ratings, corporate insider sentiment has been negative, with an increase in insiders selling their shares over the past quarter. This includes a recent sale by Exec. Officer Richard H. Gomez in September 2024.

Target’s stock has performed well over the past year, gaining over 20.76%. The company’s shares are currently trading slightly higher, influenced in part by strong earnings from peer Walmart Inc. (WMT).