Why Target Stock Is Trading Higher Today

Why Target Stock Is Trading Higher Today

Target Corp TGT shares are trading higher Tuesday in sympathy with Walmart Inc WMT, which gained after reporting better-than-expected top-line results and maintaining guidance for the second half of 2022.

Walmart said second-quarter revenue jumped 8.4% year-over-year to $152.9 billion, which beat average analyst estimates of $150.75 billion, according to Benzinga Pro. The company reported quarterly earnings of $1.77 per share, which was down from earnings of $1.78 per share year-over-year. 

U.S. comp sales grew 6.5% year-over-year. International sales were up 5.7% year-over-year. 

Walmart said it expects third-quarter net sales growth of about 5%. Full-year sales growth is expected to be approximately 4.5%. The company expects full-year adjusted earnings per share to decline between 9% and 11%.

See Also: Walmart Gains Post Q2 Results; Reveals Pressure On FY23 Profit Expectations

Target is set to report its second-quarter financial results before the market opens on Wednesday. The retailer is expected to earn 73 cents per share on quarterly revenue of $26.09 billion, according to Benzinga Pro.

TGT Price Action: Target has a 52-week high of $254.87 and a 52-week low of $137.16.

The stock was up 2.34% at $177.44 at time of publication.

Photo: Mike Mozart from Flickr.

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