Target Increases Guidance After Strong Holiday Sales

Target Corporation (TGT) announced on January 9 that holiday sales were strong-than-expected. Comparable sales grew by 3.4% over the previous year, and stores fulfilled 70% of the company’s digital sales. As a result, Target increased guidance for its annual earnings per share from $4.40-$4.60 to $4.64-$4.74.

 

Sonal caught the news and issued an alert on January 9 at 6:59 am. The next trade took place for $69 at 7:00 am. The stock opened for regular market trading at $69.52 and then closed at $69.14. Although there was not a strong upward market movement the day of the event, the stock price trended higher over the next five trading sessions. Target’s stock closed at $76.82 on January 17, which equaled a gain of over 11% from the time of the event.

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