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（紐約證券交易所代碼：TGT）週三股價走低，此前該公司公佈了疲軟的第三季度業績並下調了24財年展望。
The company reported third-quarter adjusted earnings per share of $1.85, missing the street view of $2.30.
該公司公佈的第三季度調整後每股收益爲1.85美元，未達到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.
該公司現在預計24財年的調整後每股收益在8.30美元至8.90美元之間，低於之前的9.00美元至9.70美元。修訂後的24財年每股收益展望也低於市場普遍預期的9.55美元。
Here are the analyst's take on the earnings performance:
以下是分析師對收益表現的看法：
JP Morgan analyst Christopher Horvers reiterated the Neutral rating on Target Corporation.
摩根大通分析師克里斯托弗·霍弗斯重申了對塔吉特公司的中性評級。
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.
分析師指出，利潤率是該股反應的關鍵因素，因爲利潤率對於評估達到2025年6.0％的營業利潤率估計的可能性至關重要。儘管萎縮（庫存損失）有所幫助，但分析師警告說，更高的配送成本和過剩的庫存會損害利潤率，從而降低前景。
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.
該分析師預計，第四季度的可比銷售額持平，日曆變化帶來了40個點子的不利因素，導致營業利潤率爲4％-5％，每股收益爲1.85-2.45美元，低於華爾街的預期。
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BofA Securities analyst Robert F. Ohmes reiterated the Buy rating on the company, with a price forecast of $195.
美銀證券分析師羅伯特·奧姆斯重申了對該公司的買入評級，預測股價爲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.
分析師指出，塔吉特發佈的第三財季業績引發了幾個問題。他們重點介紹了首席執行官對零售商面臨的 「獨特挑戰」 的評論，對第三季度遇到的具體成本壓力以及其中在2025年能在多大程度上恢復正常化表示不確定性。
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.
繼第三季度出現壓力之後，Ohmes還對數字增長對第四季度和2025年毛利率的影響持謹慎態度。
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，一般負債支出的增加引發了疑問，分析師很好奇本季度萎縮（庫存損失）是否帶來了不利影響，以及它是否符合最初的預期。最後，Ohmes擔心門店產生的業績將在第三季度轉爲負1.9％，這逆轉了第二季度+0.7％的增長。
Price Action: TGT shares are trading lower by 21.2% to $122.88 at last check Wednesday.
價格走勢：週三最後一次檢查時，TgT股價下跌21.2％，至122.88美元。
