The Target (TGT) stock has tumbled by 24% today as it continues to drop after the company reported a 52% drop in its Q1 net profit on Monday. The dropped sharply immediately after the reports were announced on Monday and it has remained largely in the red since then.
Target Corporation’s quarterly profits have more than halved and the company has warned of a larger margin hit this year as a result of the rising fuel and freight prices as inflation continues to bite.
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To help stock investors interested in investing in Target Corporation, Invezz has created a brief article on where to buy it, especially at the current price drop.
To find out more, please continue reading.
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What is Target Corporation?
Target Corporation commonly just referred to as ‘Target’ is an American big-box department store chain. It was launched in 1962 and is headquartered in Minneapolis, Minnesota.
Target is ranked as the eighth-largest retailer in the US and it is also a member of the S&P 500 Index.
Target is also a public listed company and it is traded on the New York Stock Exchange (NYSE) under the ticker NYSE: TGT.
Should I buy the TGT stock dip today?
If you want to invest in an American store chain, then the TGT stock could be a good choice, especially following its price drop.
However, it is important to note that the stock has been on a sharp decline since Monday 16 after reporting a 52% decline in its Q1 net profit amid high costs and inventory woes.
Target stock price prediction
Although Target registered a drop in its profit in its first fiscal quarter report, the company was still in the profit zone and analysts expect the stock to rise as the company tries to counter the effects of high costs and inventory woes.
Target did however reiterate its revenue forecast calling for a “mid-single-digit growth this year and beyond.†Basing their eyes on this, analysts expect the TGT stock to at least close the week above $165.
TGT stock social media coverage
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