On Nov. 9, we noted, “One of the best ways to protect your portfolio and generate income in tough times is with solid, dividend-paying stocks. Look at beaten-down shares of Target (TGT) for example. Not only is it likely to benefit from back to school sales, but also holiday sales. Even better, after a recent pullback to less than $107, the stock appears to have caught strong support again. From a current price of $112.85, we’d like to see TGT retest $125 near term.”
From $112.85, TGT is set to open this morning round $125.90.
All thanks to earnings. In fact, TGT topped Wall Street’s quarterly sales expectations and blew past earnings estimates, as purchases in high-frequency categories like food and beauty helped prop up weaker customer spending, as noted by CNBC. EPS of $2.10 beat estimates for $1.48. Revenue of $25.4 billion were also better than expectations for $25.24 billion.
Did you jump into TGT on our Nov. 9 note? If you did, we’d love to hear how you did.