Can TGT Hit The Mark?
Target (TGT) shares have been crushed over the last two years, down almost 50% from their 2021 highs. TGT is now trading for only ~16x its 2023 EPS guidance of $7.75-$8.75. If 2Q23 earnings out Wednesday morning can meet a low bar (TGT guided to a low single digit decline in comps and EPS of $1.30-$1.70), I think shares could find a floor and rally. Therefore, I increased my position from 1.3% to 2.1% of the long/short portfolios I manage and sold some TGT Aug18 $122 Puts for ~$2 each.
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