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Why Target Stock Is Trading Higher Today

Stock Markets Aug 16, 2022 14:10
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Target Corp (NYSE: NYSE:TGT) shares are trading higher Tuesday in sympathy with Walmart Inc (NYSE: NYSE:WMT), which gained after reporting better-than-expected top-line results and maintaining guidance for the second half of 2022.

Walmart said second-quarter revenue jumped 8.4% year-over-year to $152.9 billion, which beat average analyst estimates of $150.75 billion, according to Benzinga Pro. The company reported quarterly earnings of $1.77 per share, which was down from earnings of $1.78 per share year-over-year.

U.S. comp sales grew 6.5% year-over-year. International sales were up 5.7% year-over-year.

Walmart said it expects third-quarter net sales growth of about 5%. Full-year sales growth is expected to be approximately 4.5%. The company expects full-year adjusted earnings per share to decline between 9% and 11%.

See Also: Walmart Gains Post Q2 Results; Reveals Pressure On FY23 Profit Expectations

Target is set to report its second-quarter financial results before the market opens on Wednesday. The retailer is expected to earn 73 cents per share on quarterly revenue of $26.09 billion, according to Benzinga Pro.

TGT Price Action: Target has a 52-week high of $254.87 and a 52-week low of $137.16.

The stock was up 2.34% at $177.44 at time of publication.

Photo: Mike Mozart from Flickr.

© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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Why Target Stock Is Trading Higher Today
 

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