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Target (TGT) Boosts Earnings Forecast After 1Q Results; Shares Rise

 May 16, 2012 07:45 AM

Target Corp. (NYSE:TGT) shares added 3.3 percent in premarket trading on Wednesday after the discount retail giant raised its earnings forecast following better-than-expected first-quarter results.

Adjusted earnings per share increased 11.5 percent to $1.11 from $0.99, beating market expectations of $1.01. Net earnings rose 1.2 percent to $697 million.

Total revenue grew 6 percent to $16.9 billion versus consensus estimate of $16.8 billion. Sales gained 6 percent, while credit card revenue dropped 7 percent.

Looking ahead for the second quarter, Minneapolis-based Target sees adjusted earnings per share between $1.04 and $1.14, coming in above consensus estimate of $0.99. 

For the full year, the company raised its earnings per share forecast by 5 cents to $4.60 to $4.80, while analysts expect $4.28.

TGT shares closed Tuesday's regular trading at $55.08. The stock has been trading in the 52-week range of $45.28 to $58.95.

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