Target (TGT) Stock Weekly Chart
Target (TGT) rose by 7% on Wednesday, after the company posted earnings that beat Wall Street expectations.
Our view is that the stock still has more room to run, given that it just started a new market cycle.
The company reported earnings per share of $1.53 and total revenue of $17.6 billion, compared to analyst estimates of $1.43 and $17.5 billion. For the current quarter, management’s guidance is in line with consensus expectations.
CEO Brian Cornell explained that, “We’re seeing a positive guest response to our same-day digital fulfillment services, which drove well over half of our digital sales growth in the quarter.”
Our analysis focuses on market cycles, and it appears as though TGT just started a new cycle.
Basically, the stock hit our support zone and exploded upward as the new cycle began. This is early in the advance, with a likely high over $84 in the summer.
For more from Slim, or to learn about cycle analysis, 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.
