Target Trading Higher on Strong Earnings and Outlook

Target Corporation

is trading higher on the session following its Q1 earnings announcement. The company reported an EPS of $1.11 vs $1.01 estimates and revenues of $16.87 billion vs $16.8 billion estimates. Target also announced it sees Q2 adjusted EPS of $1.04-1.14 vs $0.99 estimates and raises FY guidance by $0.05 to $4.60-4.80. Gregg Steinhafel, chairman, president, and chief executive officer of Target Corporation stated: “We're very pleased with our first quarter earnings, which benefited from better-than-expected sales. While our outlook for the remainder of 2012 reflects continued economic uncertainty, we are confident in our strategy, keenly focused on delivering an affordable and inspirational merchandise assortment to our guests and committed to making thoughtful investments in our U.S. and Canadian business segments that we expect will reward our shareholders over time." Target Corporation is currently trading at $55.97, a gain of $0.89 or 1.62%,