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Target Stock Price Has More Room To Run

Target stock price

Target (NYSE: TGT) stock price extends the upside momentum into the final month of this year. Its shares rallied more than 88% year to date. The upside momentum is backed by robust financial and operational growth.

Although Target shares are currently trading around all-time high, investors and analysts are seeing further room for upside.

Indeed, the majority of investors expect Target to continue the momentum into the next fiscal year. Its valuations are standing in line with the industry average despite a sharp share price rally. Some market players anticipate a $150 mark for Target stock price in the coming months.

TGT Target Corporation daily Stock Chart

Sentiments are High for Target Stock Price

The retail industry has been experiencing slower demand and intense competition. However, Target continues to outperform market trends. This is evident from stronger than expected growth in the previous quarter. Its comparable sales grew 4.5% in the third quarter, up significantly from the consensus estimate for 3.5% growth.

Its strategy of expanding digit presence appears to be working. The company reported digital sales growth of 31% year over year. Digital sales now account for 7.5% of overall sales.

Brian Cornell CEO of Target says, “Our third-quarter results are further proof of the durability of our strategy, as we’re seeing industry-leading strength across multiple metrics, from the top line to the bottom line.

Financial Outlook and Cash Returns Supports TGT shares Momentum

The company has been experiencing improvement in margins over the past couple of quarters. Thus it has lifted earnings outlook for the full year.

Target now expects EPS from continuing operations in the range of $6.27 to $6.47, sharply higher from the previous guidance of $5.90 to $6.20. Target currently offers a dividend yield of 2.11%. It has raised dividends in the past 51 consecutive years. The strong financial growth offers a room for steady growth in cash returns. Overall, Target’s stock price is well set to extend the upside momentum into the next year.

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Based in Saudi Arabia, Siraj has a strong understanding of and passion for accounting and finance. He has worked for international clients for many years on several projects related to the stock market, equity research and other business, accounting and finance related projects. Siraj is a published financial analyst on the world's leading websites including SeekingAlpha, TheStreet, MSN, and others.