Target sinks after downbeat holiday season forecasts, drags peers lower
Updates
** Shares of Target TGT.N slump 22.2% to $121.26 in early trading; on track for their worst day since May 2022, if losses hold
** Projects flat comparable sales and EPS of $1.85 to $2.45 in Q4 vs. analysts' estimate of a 1.64% rise in sales and EPS of $2.66
** Feels the pinch of value-conscious consumers shopping for low-priced essentials at rival retailers including Walmart WMT.N
** Q3 comparable sales increase 0.3%, compared with estimate of a 1.4% rise - data compiled by LSEG
** Also posts Q3 adjusted EPS of $1.85 vs. consensus of $2.30
** Shares of other U.S. retailers also fall. Dollar Tree DLTR.O and Dollar General DG.N both tumble ~4%, Macy's M.N down 1.5% and Kohl's KSS.N down 2.6%
** In contrast, WMT shares on Tuesday closed up nearly 3% to hit a record high of $86.60 after raising annual forecasts
** Up to Tuesday's close, Target stock had risen 10% YTD
Reporting by Neil J Kanatt in Bengaluru
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