This Week in Earnings: Target Jumps on Q4 Beat, Costco Misses Revenue Estimates
Investing.com | Mar 08, 2024 22:36
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Target's stock jumps 12% on better-than-expected Q4 earnings and revenue, with an optimistic earnings forecast for fiscal 2024, leading to analyst upgrades.
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Costco shares fall 4% after missing revenue forecasts for Q2.
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Marvell shares drop over 5% due to disappointing Q1 guidance, amidst weakened demand.
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In this week's earnings recap, we delve into the latest quarterly reports from four industry giants— Target, Costco, Marvell, and DocuSign.
Target stock jumps following Q4 beat & strong outlook/h2
Target's (NYSE:TGT) shares soared 12% on Tuesday after the company reported its Q4 results, with earnings of $2.98 per share, notably surpassing the predicted $2.41. The retail giant also reported quarterly revenue of $31.9 billion, beating the forecast of $31.83B. Looking ahead, Target forecasts EPS for fiscal 2024 to range between $8.60 and $9.60, above analyst expectations of $8.44.
This robust performance and optimistic guidance prompted several analysts to upgrade Target’s rating and increase their price targets. Deutsche Bank lifted its rating from Hold to Buy, setting a new price target of $206, up from $149, citing potential for at least 20% upside given Target's current valuation relative to peers. HSBC also shifted its rating from Hold to Buy, with a revised price target of $195, up from $140.
Despite these positives, InvestingPro's OAPRO2 .
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