Target Corp. (NYSE: TGT) remains one of the most compelling retail stocks for investors, hitting new records in 2021. The stock is already up 10.62% in the year to date, thanks to strong sales and growth data. Here’s why investors should consider it as one of the best stocks to watch in the new year.
In the third quarter, Target blew past analyst predictions with earnings per share of $2.79, compared to the Wall Street consensus of $1.60. Revenue was $22.63 billion, almost $2 billion more than analysts expected. Same store sales increased by 20.7% in the third quarter, showing strong demand for consumer goods.
Target has adapted to the Coronavirus Pandemic with increased investment in its online sales model along with changes to how it interacts with customers in-store. The company is well-positioned to deal with future potential lockdowns thanks to its eCommerce focus.
The stock has rallied in the year so far and there is likely room for expansion, with a high-end estimated price of $212.00. The stock also returns a dividend with a yield of 1.39% today. With America’s economic recovery ongoing, this is a consumer-facing company with one of the strongest retail stocks.
Key Data:
- 1 Year Price Growth: 90%
- YTD Price Growth: 62%
- 3 Month Price Growth: 89%
All information is based on current and historical market data, as well as publicly available financial data. As with any financial decision, your own research is important. Stock market outcomes can never be 100% accurately predicted. Familiarity with historical data, individual industries, and individual stocks is key to developing a robust portfolio. Note that stock prices can fluctuate rapidly during trading sessions.