Shares of Target Corp. (TGT, Financial) fell on the back of the company reporting its financial results for the third quarter. The retailer posted EPS of 91 cents, beating estimates by five cents. Revenues of $16.67 billion beat expectations of $16.61 billion and increased 1.4% from the prior-year quarter. Same-store sales climbed 0.9%, surpassing the anticipated 0.4% increase.
“We’re very pleased with Target’s third quarter performance, including traffic and sales growth that demonstrate we’re building on the progress we saw in the first half of the year,” Chairman and CEO Brian Cornell said.
Cornell also discussed investments that should help boost the company's long-term success. For example, Target launched new items from eight exclusive brands throughout 2017.
The company now expects full-year adjusted EPS between $4.40 and $4.60. This projection is higher than previously expected. Moreover, for the fourth quarter, comparable sales growth is forecasted to be between 0% and 2%.
The market reacted negatively to the retailer's holiday forecast, causing shares to fall.
Shares of CarGurus Inc.(CARG, Financial) traded higher on Wednesday after the company reported third-quarter results after the market closed Tuesday. EPS of two cents beat estimates and revenue of $83 million beats expectations of $79.2 million and increased 56% year over year.
“We are very pleased with our third quarter results, which are highlighted by robust top-line growth and ongoing profitability,” founder and CEO Langley Steinert said. “Our strategy of building the world’s most trusted and transparent automotive marketplace is delivering a disruptive value proposition to consumers.”
The company went public in October.
In other news, shares of Dick's Sporting Goods Inc. (DKS, Financial) traded higher on Wednesday after analysts at JPMorgan upgraded the company to overweight from neutral and assigned a price target of $32. The stock currently trades at $27, which gives it 18.5% upside potential.
Disclosure: The author holds no positions in any stocks mentioned.
