Target up after raising fourth-quarter sales forecast on strong holiday demand

Shares of Target TGT.N rise ~5% to $141.01 premarket after co lifts Q4 sales forecast on strong holiday season demand

Co now sees Q4 comparable sales growth of 1.5% vs. prior expectations of flat growth, higher than analysts' expectation of a 0.2% growth, according to data compiled by LSEG

Reports a 2% rise in comparable sales during November and December, driven by increased store and online shopper visits

Co also maintains Q4 and annual adjusted EPS forecast of between $1.85 to $2.45 and $8.30 to $8.90, respectively

Target had previously forecast weaker-than-expected sales and profit for Q4 in November on weak consumer spending on non-essentials, sending shares down ~22%

Separately, co announces appointment of Adrienne Costanzo as chief stores officer, Prat Vemana as chief information officer and product officer, and Sarah Travis as executive vice president and chief digital and revenue officer

Target shares fell 5% in 2024

(Reporting by Neil J Kanatt in Bengaluru)

((Neil.JKanatt@thomsonreuters.com;))