TGT: Impressive Q1 Beat Easily Clears High Bar; Remain Positive on This Recovery Story

研报英文原文证据摘录

TGT: Impressive Q1 Beat Easily Clears High Bar; Remain Positive on This Recovery Story

Equity Research

Flash Comment — May 20, 2026

Food & Staples Retail

Target Corporation

Impressive Q1 Beat Easily Clears High Bar; Remain Positive Overweight

on This Recovery Story Price Target: $140.00

Ticker TGT

Our Call Upside/(Downside) to Target 10.0%

Q1 bar was high and TGT more than delivered with a very solid top/bottom line beat. Price (05/19/2026) $127.24

The compare was easy, but underlying progress is clear. Looking for early Q2 color, but 52 Week Range $83.44 - 133.10

momentum points to further beats ahead. Encouraging update; remain OW. Market Cap (MM) $57,907

Source: Company Data, Wells Fargo Securities estimates, and Factset.

Initial Thoughts NA = Not Available, NC = No Change, NE = No Estimate

TGT Clears High Bar with Encouraging Q1: The turnaround plan mgmt pitched at its Edward Kelly, CFA

investor day looks to be gaining traction sooner than expected. Investors feared the Equity Analyst | Wells Fargo Securities, LLC

Edward.J.Kelly@wellsfargo.com | 212-214-5304

bar, but 5.6% comp and good flow through drove an even better result than expected.

The guidance raise to the high end of the FY range should be enough to show increased John Parke

confidence while leaving room for upside. Color on current momentum matters, but EPS Associate Equity Analyst | Wells Fargo Securities, LLC John.Parke@wellsfargo.com | 212-214-3327

of $9+ certainly seems in play. Likely one of the few beat/raise results in Q1.

Adam Gregorio

Associate Equity Analyst | Wells Fargo Securities, LLC

A Quick Review of Results: EPS of $1.71 beat consensus by $0.24, with upside driven by Adam.Gregorio@wellsfargo.com | 212-214-8117