Target Margins And Inventory Issues Raise Analyst Caution After Weak Q3 Performance
Target Margins And Inventory Issues Raise Analyst Caution After Weak Q3 Performance
Here are the analyst's take on the earnings performance:Target Corporation (NYSE:TGT) shares are trading lower on Wednesday after it reported weak third-quarter results and slashed FY24 outlook.
塔吉特公司（纽约证券交易所代码：TGT）周三股价走低，此前该公司公布了疲软的第三季度业绩并下调了24财年展望。
The company reported third-quarter adjusted earnings per share of $1.85, missing the street view of $2.30.
该公司公布的第三季度调整后每股收益为1.85美元，未达到2.30美元的街景。
For FY24, the company now forecasts adjusted EPS between $8.30 and $8.90, down from the previous guidance of $9.00 to $9.70. The revised FY24 EPS outlook is also below the consensus estimate of $9.55.
该公司现在预计24财年的调整后每股收益在8.30美元至8.90美元之间，低于之前的9.00美元至9.70美元。修订后的24财年每股收益展望也低于市场普遍预期的9.55美元。
Here are the analyst's take on the earnings performance:
以下是分析师对收益表现的看法：
JP Morgan analyst Christopher Horvers reiterated the Neutral rating on Target Corporation.
摩根大通分析师克里斯托弗·霍弗斯重申了对塔吉特公司的中性评级。
The analyst notes that margins were a key factor in the stock's reaction, as they are crucial to assessing the likelihood of meeting the 2025 operating margin estimate of 6.0%. While shrink (loss of inventory) helped, the analyst cautioned that higher fulfillment costs and excess inventory hurt margins, lowering the outlook.
分析师指出，利润率是该股反应的关键因素，因为利润率对于评估达到2025年6.0％的营业利润率估计的可能性至关重要。尽管萎缩（库存损失）有所帮助，但分析师警告说，更高的配送成本和过剩的库存会损害利润率，从而降低前景。
For the fourth quarter, the analyst sees flat comparable sales, with a 40-basis-point headwind from the calendar shift, resulting in an operating margin of 4%-5% and earnings per share of $1.85-$2.45, below the Street's expectation.
该分析师预计，第四季度的可比销售额持平，日历变化带来了40个基点的不利因素，导致营业利润率为4％-5％，每股收益为1.85-2.45美元，低于华尔街的预期。
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BofA Securities analyst Robert F. Ohmes reiterated the Buy rating on the company, with a price forecast of $195.
美银证券分析师罗伯特·奥姆斯重申了对该公司的买入评级，预测股价为195美元。
The analyst notes that Target's fiscal third-quarter earnings release raises several questions. They highlight the CEO's comments about the "unique challenges" faced by the retailer, expressing uncertainty about the specific cost pressures encountered in the third quarter and how much of this can normalize in 2025.
分析师指出，塔吉特发布的第三财季财报引发了几个问题。他们重点介绍了首席执行官对零售商面临的 “独特挑战” 的评论，对第三季度遇到的具体成本压力以及其中在2025年能在多大程度上恢复正常化表示不确定性。
Ohmes is also cautious about the impact of digital growth on gross margin in the fourth quarter and 2025, following the pressures seen in the third quarter.
继第三季度出现压力之后，Ohmes还对数字增长对第四季度和2025年毛利率的影响持谨慎态度。
Additionally, the increase in general liability expenses raises questions, and the analyst is curious about whether shrink (inventory loss) provided a tailwind during the quarter and if it aligned with initial expectations. Finally, Ohmes is concerned about the shift in store-originated comps to a negative -1.9% in the third quarter, reversing the +0.7% growth seen in the second quarter.
此外，一般负债支出的增加引发了疑问，分析师很好奇本季度萎缩（库存损失）是否带来了不利影响，以及它是否符合最初的预期。最后，Ohmes担心门店产生的业绩将在第三季度转为负1.9％，这逆转了第二季度+0.7％的增长。
Price Action: TGT shares are trading lower by 21.2% to $122.88 at last check Wednesday.
价格走势：周三最后一次检查时，TgT股价下跌21.2％，至122.88美元。
