Target tops Street 3Q forecasts

Markets Associated Press

FILE - This Wednesday, June 29, 2016, file photo, shows a Target store in Hialeah, Fla. Target reports financial results Wednesday, Nov. 16. (AP Photo/Alan Diaz, File) (The Associated Press)

Target Corp. (TGT) on Wednesday reported fiscal third-quarter earnings of $608 million.

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The Minneapolis-based company said it had profit of $1.06 per share. Earnings, adjusted for pretax gains and non-recurring gains, came to $1.04 per share.

The results surpassed Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was for earnings of 83 cents per share.

The retailer posted revenue of $16.44 billion in the period, also beating Street forecasts. Four analysts surveyed by Zacks expected $16.32 billion.

Target expects full-year earnings in the range of $5.10 to $5.30 per share.

Target shares have dropped nearly 2 percent since the beginning of the year, while the Standard & Poor's 500 index has risen almost 7 percent. The stock has dropped 1 percent in the last 12 months.

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This story was generated by Automated Insights ( using data from Zacks Investment Research. Access a Zacks stock report on TGT at


Keywords: Target, Earnings Report, Priority Earnings