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In the latest market close, Target (TGT) reached $166.53, with a -0.35% movement compared to the previous day. This change lagged the S&P 500's 1.2% gain on the day. Elsewhere, the Dow saw an upswing of 0.69%, while the tech-heavy Nasdaq appreciated by 1.59%.

Coming into today, shares of the retailer had lost 3.21% in the past month. In that same time, the Retail-Wholesale sector lost 3.47%, while the S&P 500 lost 4.16%.

Investors will be eagerly watching for the performance of Target in its upcoming earnings disclosure. The company's earnings report is set to be unveiled on May 22, 2024. It is anticipated that the company will report an EPS of $2.02, marking a 1.46% fall compared to the same quarter of the previous year. Simultaneously, our latest consensus estimate expects the revenue to be $24.49 billion, showing a 3.29% drop compared to the year-ago quarter.

For the full year, the Zacks Consensus Estimates project earnings of $9.39 per share and a revenue of $106.62 billion, demonstrating changes of +5.03% and -0.74%, respectively, from the preceding year.

Investors should also note any recent changes to analyst estimates for Target. These latest adjustments often mirror the shifting dynamics of short-term business patterns. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.

Our research demonstrates that these adjustments in estimates directly associate with imminent stock price performance. To capitalize on this, we've crafted the Zacks Rank, a unique model that incorporates these estimate changes and offers a practical rating system.

The Zacks Rank system, running from #1 (Strong Buy) to #5 (Strong Sell), holds an admirable track record of superior performance, independently audited, with #1 stocks contributing an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate remained stagnant. Target currently has a Zacks Rank of #2 (Buy).

Looking at valuation, Target is presently trading at a Forward P/E ratio of 17.79. This signifies a discount in comparison to the average Forward P/E of 21.18 for its industry.

One should further note that TGT currently holds a PEG ratio of 1.57. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. As of the close of trade yesterday, the Retail - Discount Stores industry held an average PEG ratio of 1.9.

The Retail - Discount Stores industry is part of the Retail-Wholesale sector. At present, this industry carries a Zacks Industry Rank of 34, placing it within the top 14% of over 250 industries.

The Zacks Industry Rank evaluates the power of our distinct industry groups by determining the average Zacks Rank of the individual stocks forming the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

To follow TGT in the coming trading sessions, be sure to utilize Zacks.com.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.