What’s Next For Target’s Stock?

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target stock (NYSE:TGT), the second largest discount chain in the US, is down 3% over the past twenty-one trading days (one month) and is currently near $231. It should be noted that the broader S&P 500 developed almost flat during the same period. The retailer saw a strong third quarter performance despite facing challenges with supply chain issues, labor shortage, tough year-on-year compared to 2020 and resurgence of Covid variants. In Q3, the retailer’s comparable sales grew 12.7% on top of the 20.7% gain it achieved in 2020 — still beating the consensus expectation of +8.3%. Target pointed to continued strength in in-store sales, same-day digital fulfillment services and double-digit growth across all five of its core business categories. That said, Target’s stock has been down since its Q3 earnings announcement despite this recent outperformance.

Now, is TGT stock headed for further downside in the short term? Based on our machine learning analysis of trends in stock price over the past ten years, TGT stock has a 57% chance of growth in the next month (twenty one trading days). View our analysis Target’s stock likely to rise for more information. We believe Target’s massive inventory build-up for the holidays and its all-channel capabilities should help it achieve another strong fourth quarter going forward.

If you are considering TGT stock as an investment option in the longer time frame, you can explore our forecast goal evaluation Dashboard.

Calculation of ‘probability of occurrence’ and ‘probability of increase’ using data from last 10 years

[1] Returns of -0.5% or less five day period 2516. out of 765 times (30%), Out of these 765 cases, 428 stocks rose in the next five days. (56%)

[2] Return of 3% or more ten day period 2516. out of 692 times (28%), Out of these 692 cases, 408 stocks increased in the next ten days. (59%)

[3] Returns of -2.9% or less twenty one day period 2515. out of 603 times (24%), Out of these 603 cases, 345 stocks increased in the next twenty one days. (57%)

as well, target peer comparison Summarizes how the company performs against peers on key metrics.

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