Target Corporation (NYSE:TGT) shares are trading higher on Thursday.
According to Benzinga Pro, TGT stock has gained over 8% in the past year.
Investors can gain exposure to the stock via VanEck Retail ETF (NASDAQ:RTH) and SPDR Select Sector Fund – Consumer Staples (NYSE:XLP).
Yesterday, Oppenheimer analyst Rupesh Parikh maintained Target with an Outperform rating, lowering the price forecast from $200 to $180.
Today, the stock is soaring following solid earnings results and an outlook boost from Walmart Inc. (NYSE:WMT).
Walmart's second-quarter adjusted earnings per share of 67 cents exceeded the 64 cents estimate. The retail behemoth's second-quarter revenue reached $169.3 billion, above the $168.569 billion estimate.
Consolidated gross margin rate improved by 43 basis points, driven by Walmart U.S. and Walmart International.
Walmart announced that Bob Moritz, the retired Chairperson of PricewaterhouseCoopers (PwC), has been appointed to its Board of Directors, effective immediately.
For the third quarter, Walmart projects adjusted earnings per share between 51 cents and 52 cents, versus the 55 cents estimate.
Walmart currently sees FY25 adjusted EPS outlook of $2.35 to $2.43 versus the $2.43 estimate.
Walmart boosted FY25 net sales (at constant currency) growth guidance to 3.75%-4.75% from 3.0%- 4.0%.
Target is capitalizing on Walmart's quarterly success by riding the positive momentum and boosting investor confidence, as evidenced by its rising stock price.
In June, Target declared a quarterly dividend of $1.12 per common share, a 1.8% increase from the prior quarterly dividend of $1.10. The dividend is payable Sept. 10, 2024
Earlier this week, Target announced that Amy Tu has been named chief legal and compliance officer and corporate secretary effective Aug. 25. She started her career in retail with senior legal roles at companies such as Walmart and The Gap.
Price Action: At the last check Thursday, TGT shares were trading higher by 3.86% to $141.00 premarket, while WMT shares were trading higher by 7.59% to $73.87.
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