Executive Summary

• Target reported 2Q19 revenues of $18.42 billion, up 3.6% and beating the $18.29 billion consensus estimate. Adjusted EPS was $1.82, beating the $1.62 consensus.
• Comps grew 3.4%, beating the consensus of 3.0%. Comparable digital sales grew 34%, contributing 1.8% to comps.
• Target raised FY19 EPS guidance to $5.90-6.20 from the prior range of $5.75-6.05 and expects FY19 GAAP EPS from continuing operations.