Target Stock “weekly” Chart – NYSE: TGT
Target (TGT) soared by 14% on Wednesday, after the company posted earnings that beat Wall Street expectations.
Based on its market cycles, we believe TGT has more room to run as it approaches resistance.
The company reported earnings per share of $1.36 and total revenue of $18.7 billion, compared to analyst estimates of $1.19 and $18.4 billion. Looking forward, management raised its earnings estimate to $6.25 – $6.45, compared to the $6.18 consensus.
CEO Brian Cornell said that, “Our third-quarter results are further proof of the durability of our strategy, as we’re seeing industry-leading strength across multiple metrics, from the top line to the bottom line.”
Our approach to stock analysis uses market cycles to project price action.
TGT has been in a steady uptrend with cycle after cycle seeing higher peaks and higher lows. It is still in the rising phase of its current cycle. Our target is $134.
For the “Best and Worst Stocks of the Week” check out the askSlim Market Week show every Friday on our YouTube channel.
Twitter: @askslim
Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.
