Last month retail sales surpassed Wall Street estimates indicating resiliency in US consumer spending. Retail sales rose 0.7% in July from the previous month, more than Wall Street’s estimates for 0.4% growth. Amid upbeat retail spending, big-box retailer Target Corporation (TGT) stock could be worth buying this week.
Although the company missed sales expectations in its most recent quarter, its earnings beat the consensus estimate. The retailer’s profits rebounded, with net income rising to $835 million, or $1.80 per share, from $183 million, or 39 cents per share, a year earlier. Refinitiv consensus EPS estimate was $1.39.
