Target Corporation (NYSE:TGT) is up nearly 5% in the past five days as optimism builds on the stock. The gain overcame a losing streak that saw the stock hit a three-year low of $103 in early October. The previous losses have been caused by dampened discretionary spending, affecting most retail stocks.Target reports its Q3 2023 earnings on November 15 before the market open. The consensus per share estimate for the quarter is 1.47, lower than the previous year’s 1.54. In its August update, Target said it anticipates a $1.20 to $1.60 adjusted EPS. Should the company exceed estimates for the third quarter, the current gains could continue. However, retail trends will be watched.The latest comments by Target CEO Brian Cornell add Target stock into the spotlight towards year-end. In a Thursday comment, Cornell indicated that Target’s consumers are “buying less stuff.” The CEO notes decreased spending mainly in discretionary categories of clothing, toys, and home goods. Items were highly demanded during the pandemic also face lower demand. Cornell’s statement adds a mixed outlook to Target towards year-end when consumer spending tends to rise. He notes that Americans continue to enjoy seasonal shopping, implying more spending during the holiday. That comes even as retail news shows Americans may shell out about $12.2 billion during the holiday quarter.Analysts’ ratings also give Target stock a mixed outlook. Of 28 analysts tracked by TipRanks, 14 have a buy rating, and an equivalent number have a hold. The rating coincides with a moderate buy for the stock.Target’s technical outlook – recovery from the $103 lows
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