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Target shares rise to record highs after winning profits and earnings, upward guidance



Target Corp Shares.

TGT, -0.40%

rose 8.8% to a record high in trading before Wednesday, after the discounter reported fiscal third-quarter earnings and earnings that rose above expectations , and raised its forecast for the full year, net income for the quarter to November 2 rose to $ 714 million, or $ 1.39 per share, from $ 622 million, or $ 1.17 per share, from the year-ago period. With the exception of recurring positions, diluted earnings per share rose to $ 1.36 from $ 1.09, well above the FactSet consensus of $ 1

.19. Revenue rose 4.7% to $ 18.67 billion to beat the consensus FactSet of $ 18.45 billion, as same-store sales rose 4.5% to exceed expectations of 3.7% growth. For the fourth quarter, Target expects adjusted EPS of $ 1.64 to $ 1.74 and same-store sales growth of 3% to 4%, compared to FactSet consensus EPS of $ 1.65 and same-store sales growth from 3.3%. For 2019, Target raised its adjusted EPS targeting range to $ 6.25, to $ 6.45, from $ 5.90 to $ 6.20. The stock rose 67.7% during the period to Tuesday, while the SPDR S&P Retail ETF

XRT, -1.94%

gained 7.2% and the S&P 500

SPX, -0.06%

soared 24.5%.


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