<h2>关键点</h2>
<ul>
<li>强劲的第一季度表现掩盖了可持续性问题。</li>
<li>成本和执行风险可能会对今年的业绩造成压力。</li>
<li>投资者目前似乎持谨慎态度，但这也可能为愿意冒险的人提供机会。</li>
<li>我们更看好的 10 只股票 ›</li>
</ul>
<p>尽管超出盈利预期，<strong>Target Corporation</strong>（纽约证券交易所代码：TGT）2027 年第一季度的业绩未能令投资者满意。该零售商的股票在昨日交易中因盈利发布而下跌近 4%。这引发了一个明显的问题：这家零售巨头的转型是否真的可持续？</p>
<p>值得注意的是，Target 的净销售额为 254 亿美元，同比增长 6.7%，可比销售增长为 5.6%，打破了 2026 财年收入下降的趋势。</p>
<p><em><strong>人工智能会创造出世界上第一个万亿富翁吗？</strong> 我们的团队刚刚发布了一份关于一家鲜为人知的公司报告，该公司被称为 “不可或缺的垄断”，提供 Nvidia 和 Intel 都需要的关键技术。<strong>继续 »</strong></em></p>
<h2>强劲的季度，但是真正的增长吗？</h2>
<p>乍一看，这似乎表明顾客正在回归 Target 购物。然而，分析师质疑这一强劲季度是否真的是由基本面改善驱动，还是仅仅外部因素的结果。</p>
<p>在盈利电话会议上，<strong>瑞银</strong> 分析师 Michael Lasser 指出，管理层的指引暗示可比销售增长将在 2027 财年剩余时间内急剧放缓至约 1%。他还质疑第一季度的表现是否由于 “外生变量”——例如税收退款的时机——而非可持续的需求。</p>
<p>如果这被证明是正确的，那么 Target 的强劲开局可能会在强劲数字的掩盖下逐渐消退，而不是长期的转型。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-dXJsPWh0dHBzOi8vbWVkaWEueWNoYXJ0cy5jb20vY2hhcnRzL2NkNTY3ZGNjNGY1NzczNDY0NmEzNDJkZjg5NmQwNTMzLnBuZxZ3PTcwMA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-dXJsPWh0dHBzOi8vbWVkaWEueWNoYXJ0cy5jb20vY2hhcnRzL2NkNTY3ZGNjNGY1NzczNDY0NmEzNDJkZjg5NmQwNTMzLnBuZxZ3PTcwMA"/></p>
<p>TGT 数据来源于 YCharts。</p>
<h2>盈利超预期，但指引依然保守</h2>
<p>Target 在第一季度也交出了强劲的盈利惊喜。每股收益（EPS）为 1.71 美元，远高于预期的 1.46 美元。这也代表着较去年调整后的每股收益 1.30 美元增长了 32%。</p>
<p>Lasser 还指出管理层对全年盈利的保守指引。尽管提高了销售增长预期，Target 仅预计盈利接近现有 7.50-8.50 美元区间的高端，暗示成本压力，从供应链压力到库存损失和能源成本的上升，可能会显著限制利润增长。</p>
<p>尽管 Target 展现出强劲的运营效率，但利润可能仍比表面数字所暗示的更脆弱。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-dXJsPWh0dHBzOi8vZy5mb29sY2RuLmNvbS9lZGl0b3JpYWwvaW1hZ2VzLzg3MTA0MC9zdXBlcm1hcmtldC1haXNsZS5qcGcWdz03MDA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-dXJsPWh0dHBzOi8vZy5mb29sY2RuLmNvbS9lZGl0b3JpYWwvaW1hZ2VzLzg3MTA0MC9zdXBlcm1hcmtldC1haXNsZS5qcGcWdz03MDA"/></p>
<p>图片来源：Getty Images。</p>
<h2>执行在改善，但风险依然存在</h2>
<p>毫无疑问，Target 展现出非常强的执行效率。正如 <strong>摩根士丹利</strong> 的 Simeon Gutman 所指出的，利润 “增量”——即每增加一美元销售所产生的额外利润——表现得非常高。简单来说，Target 的收入增长正在产生实际的盈利增长。</p>
<p>此外，Target 正在自筹资金进行店面改造和商品重组，证明其核心业务引擎正在运转，并且能够高效地推动扩张，而无需寻求外部资金。</p>
<p>然而，经验丰富的投资者会理解，当像 Target 这样的大型零售商正在进行其最大规模的商品重组之一时，这意味着什么，管理层 “计划在今年更新约 40% 的商品组合”，同时在美国各地扩展和改造门店。</p>
<p>这种雄心勃勃的转型带来了显著的执行风险。不出所料，管理层在盈利电话会议上承认了这一过程的复杂性，表示 “我们不会把所有事情都做对”。</p>
<p>如果 Target 在大规模商品重组期间难以有效管理库存，可能会在下半年面临利润压力、供应中断和客户体验不一致的问题。</p>
<h2>Target 股票值得购买吗？</h2>
<p>坦率地说，盈利报告为投资者提供了一个复杂的图景。一方面，这家零售商扭转了销售下滑，发布了适度增长和显著的盈利超预期。还有迹象表明，Target 的商品和数字策略开始起步。</p>
<p>另一方面，股票在盈利发布后的 4% 下跌突显了对执行风险和成本压力的持续怀疑，以及第一季度的强劲表现是否真的可持续。</p>
<p>对于相信管理层转型计划的长期投资者来说，今天的下跌可能是一个买入机会。Target 显然在恢复销售增长和现代化其商业模式方面取得了进展。</p>
<p>然而，保守的投资者可能希望在承诺购买该股票之前再等等。冒险只有在带来回报时才有意义。与供应链效率、库存管理和成本压力相关的结构性问题将继续对公司构成风险。</p>
<h2>现在应该购买 Target 的股票吗？</h2>
<p>在你购买 Target 的股票之前，请考虑以下几点：</p>
<p>_Motley Fool Stock Advisor_分析师团队刚刚确定了他们认为现在投资者应该购买的 <strong>10 只最佳股票</strong>……而 Target 并不在其中。这 10 只入选的股票在未来几年可能会产生巨大的回报。</p>
<p>考虑一下 <strong>Netflix</strong> 在 2004 年 12 月 17 日进入这个名单时……如果你在我们推荐时投资了 1000 美元，<strong>你将拥有 481,750 美元</strong>！* 或者当 <strong>Nvidia</strong> 在 2005 年 4 月 15 日进入这个名单时……如果你在我们推荐时投资了 1000 美元，<strong>你将拥有 1,352,457 美元</strong>！*</p>
<p>现在值得注意的是，<em>Stock Advisor</em> 的总平均回报率为 990%——相比之下，标准普尔 500 指数的回报率为 206%，表现出色。<strong>不要错过最新的前 10 名股票列表，使用 <em>Stock Advisor</em>，加入由个人投资者为个人投资者建立的投资社区。</strong></p>
<p><strong>查看 10 只股票 »</strong></p>
<p><em>*Stock Advisor 的回报截至 2026 年 5 月 21 日。</em></p>
<p><em>Isac Simon 在提到的任何股票中没有持仓。The Motley Fool 在塔吉特持有头寸并推荐该股票。The Motley Fool 有披露政策。</em></p>
<p>此处表达的观点和意见仅代表作者的观点和意见，并不一定反映纳斯达克公司的观点。</p>

塔吉特

零售业 ETF - VanEck Vectors

美国消费品 ETF - iShares

在线零售 ETF - ProShares

电子商务 ETF - GlobalX

标普零售指数 ETF - SPDR

日常消费品 ETF - SPDR

线上零售 ETF - Amplify

<p>塔吉特公司 2027 年第一季度的财报显示出强劲的销售增长，净销售额为 254 亿美元，每股收益为 1.71 美元，超出预期。然而，关于可持续性和执行风险的担忧依然存在，因为管理层预计可比销售增长将放缓。财报发布后，股价下跌近 4%，显示出投资者的谨慎态度。虽然一些人将此视为买入机会，但也有人建议由于持续的成本压力和供应链问题，应该等待</p>

<h2>Key Points</h2>
<div class="lb-trans"><h2>关键点</h2>
</div><ul>
<li>The strong first-quarter performance hides sustainability concerns.</li>
<li>Costs and execution risks could pressure performance this year.</li>
<li>Investors seem cautious as of now, but this could also signal an opportunity for those willing to take a risk.</li>
<li>10 stocks we like better than Target ›</li>
</ul>
<div class="lb-trans"><ul>
<li>强劲的第一季度表现掩盖了可持续性问题。</li>
<li>成本和执行风险可能会对今年的业绩造成压力。</li>
<li>投资者目前似乎持谨慎态度，但这也可能为愿意冒险的人提供机会。</li>
<li>我们更看好的 10 只股票 ›</li>
</ul>
</div><p>Even after crushing earnings estimates, <strong>Target Corporation</strong>'s (NYSE: TGT) first-quarter 2027 results failed to impress investors. The retailer's shares fell nearly 4% during yesterday's trading session following the earnings release. That raises an obvious question: Is the retail giant's turnaround truly sustainable?</p>
<div class="lb-trans"><p>尽管超出盈利预期，<strong>Target Corporation</strong>（纽约证券交易所代码：TGT）2027 年第一季度的业绩未能令投资者满意。该零售商的股票在昨日交易中因盈利发布而下跌近 4%。这引发了一个明显的问题：这家零售巨头的转型是否真的可持续？</p>
</div><p>To be sure, Target posted net sales of $25.4 billion, up 6.7% year over year, and comparable sales growth of 5.6%, breaking a streak of declining revenue from fiscal 2026.</p>
<div class="lb-trans"><p>值得注意的是，Target 的净销售额为 254 亿美元，同比增长 6.7%，可比销售增长为 5.6%，打破了 2026 财年收入下降的趋势。</p>
</div><p><em><strong>Will AI create the world's first trillionaire?</strong> Our team just released a report on the one little-known company, called an &#34;Indispensable Monopoly&#34; providing the critical technology Nvidia and Intel both need. <strong>Continue »</strong></em></p>
<div class="lb-trans"><p><em><strong>人工智能会创造出世界上第一个万亿富翁吗？</strong> 我们的团队刚刚发布了一份关于一家鲜为人知的公司报告，该公司被称为 “不可或缺的垄断”，提供 Nvidia 和 Intel 都需要的关键技术。<strong>继续 »</strong></em></p>
</div><h2>Strong quarter, but is it real growth?</h2>
<div class="lb-trans"><h2>强劲的季度，但是真正的增长吗？</h2>
</div><p>At first glance, this looks like customers are returning to shop at Target. However, analysts questioned whether the strong quarter was truly driven by improving fundamentals or was simply the result of external factors.</p>
<div class="lb-trans"><p>乍一看，这似乎表明顾客正在回归 Target 购物。然而，分析师质疑这一强劲季度是否真的是由基本面改善驱动，还是仅仅外部因素的结果。</p>
</div><p>During theearnings call <strong>UBS</strong> analyst Michael Lasser pointed out that management's guidance implies a sharp slowdown in comparable sales growth to roughly 1% for the remainder of fiscal 2027. He also questioned whether the first quarter's performance was due to &#34;exogenous variables&#34; -- such as the timing of tax refunds -- rather than sustainable demand.</p>
<div class="lb-trans"><p>在盈利电话会议上，<strong>瑞银</strong> 分析师 Michael Lasser 指出，管理层的指引暗示可比销售增长将在 2027 财年剩余时间内急剧放缓至约 1%。他还质疑第一季度的表现是否由于 “外生变量”——例如税收退款的时机——而非可持续的需求。</p>
</div><p>If that proves to be true, then instead of being a long-term turnaround, Target's strong start could fizzle out despite the strong numbers.</p>
<div class="lb-trans"><p>如果这被证明是正确的，那么 Target 的强劲开局可能会在强劲数字的掩盖下逐渐消退，而不是长期的转型。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-dXJsPWh0dHBzOi8vbWVkaWEueWNoYXJ0cy5jb20vY2hhcnRzL2NkNTY3ZGNjNGY1NzczNDY0NmEzNDJkZjg5NmQwNTMzLnBuZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fmedia.ycharts.com%2Fcharts%2Fcd567dcc4f57734646a342df896d0533.png&amp;w=700"/></p>
<p>TGT data by YCharts.</p>
<div class="lb-trans"><p>TGT 数据来源于 YCharts。</p>
</div><h2>Earnings beat, but guidance remains conservative</h2>
<div class="lb-trans"><h2>盈利超预期，但指引依然保守</h2>
</div><p>Target also delivered a strong earnings surprise for the first quarter. Earnings per share (EPS) came in at $1.71, well above expectations of $1.46. This also represented a 32% increase from adjusted EPS of $1.30 from the prior year.</p>
<div class="lb-trans"><p>Target 在第一季度也交出了强劲的盈利惊喜。每股收益（EPS）为 1.71 美元，远高于预期的 1.46 美元。这也代表着较去年调整后的每股收益 1.30 美元增长了 32%。</p>
</div><p>Lasser also flagged the management's conservative guidance for full-year earnings. Despite raising sales growth expectations, Target is only projecting earnings near the high end of its existing $7.50-$8.50 range, suggesting that cost headwinds, ranging from supply chain pressures to elevated inventory shrinkage and energy costs, could significantly limit profit growth.</p>
<div class="lb-trans"><p>Lasser 还指出管理层对全年盈利的保守指引。尽管提高了销售增长预期，Target 仅预计盈利接近现有 7.50-8.50 美元区间的高端，暗示成本压力，从供应链压力到库存损失和能源成本的上升，可能会显著限制利润增长。</p>
</div><p>While Target is showing strong operational efficiency, profits may still be more fragile than what the headline numbers suggest.</p>
<div class="lb-trans"><p>尽管 Target 展现出强劲的运营效率，但利润可能仍比表面数字所暗示的更脆弱。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-dXJsPWh0dHBzOi8vZy5mb29sY2RuLmNvbS9lZGl0b3JpYWwvaW1hZ2VzLzg3MTA0MC9zdXBlcm1hcmtldC1haXNsZS5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F871040%2Fsupermarket-aisle.jpg&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><h2>Execution is improving, but risks remain</h2>
<div class="lb-trans"><h2>执行在改善，但风险依然存在</h2>
</div><p>There's no doubt Target is displaying very strong execution efficiency. As <strong>Morgan Stanley</strong>'s Simeon Gutman pointed out, profit &#34;incrementals,&#34; which measure how much extra profit is generated on each additional dollar of sales, have been impressively high. In simpler terms, Target's increased revenue is generating real earnings growth.</p>
<div class="lb-trans"><p>毫无疑问，Target 展现出非常强的执行效率。正如 <strong>摩根士丹利</strong> 的 Simeon Gutman 所指出的，利润 “增量”——即每增加一美元销售所产生的额外利润——表现得非常高。简单来说，Target 的收入增长正在产生实际的盈利增长。</p>
</div><p>Moreover, Target is self-funding its investments in store remodels and merchandising overhauls, proving that its core business engine is firing and that it can efficiently fuel expansion without seeking external funding.</p>
<div class="lb-trans"><p>此外，Target 正在自筹资金进行店面改造和商品重组，证明其核心业务引擎正在运转，并且能够高效地推动扩张，而无需寻求外部资金。</p>
</div><p>Yet, seasoned investors will understand what it means when a major retailer like Target is undergoing one of its largest merchandising overhauls, with &#34;plans to refresh around 40% of our assortment this year,&#34; while simultaneously expanding and remodeling stores across the United States.</p>
<div class="lb-trans"><p>然而，经验丰富的投资者会理解，当像 Target 这样的大型零售商正在进行其最大规模的商品重组之一时，这意味着什么，管理层 “计划在今年更新约 40% 的商品组合”，同时在美国各地扩展和改造门店。</p>
</div><p>This kind of ambitious transformation carries significant execution risk. Not surprisingly, management acknowledged the complexity of the process during theearnings call admitting, &#34;we're not going to get it all right.&#34;</p>
<div class="lb-trans"><p>这种雄心勃勃的转型带来了显著的执行风险。不出所料，管理层在盈利电话会议上承认了这一过程的复杂性，表示 “我们不会把所有事情都做对”。</p>
</div><p>If Target struggles to manage inventory effectively during large-scale merchandising resets, it could experience margin pressure, supply disruptions, and inconsistent customer experiences in the back half of the year.</p>
<div class="lb-trans"><p>如果 Target 在大规模商品重组期间难以有效管理库存，可能会在下半年面临利润压力、供应中断和客户体验不一致的问题。</p>
</div><h2>Is Target stock a buy?</h2>
<div class="lb-trans"><h2>Target 股票值得购买吗？</h2>
</div><p>Frankly, the earnings report provides a mixed picture for investors. On one hand, the retailer reversed a sales decline, posting modest growth and a substantial earnings beat. There are also signs that Target's merchandising and digital strategies are starting to take off.</p>
<div class="lb-trans"><p>坦率地说，盈利报告为投资者提供了一个复杂的图景。一方面，这家零售商扭转了销售下滑，发布了适度增长和显著的盈利超预期。还有迹象表明，Target 的商品和数字策略开始起步。</p>
</div><p>On the other hand, the stock's post-earnings price drop of 4% underscors the lingering doubts about execution risk and cost pressures, as well as whether the Q1 strength is truly sustainable.</p>
<div class="lb-trans"><p>另一方面，股票在盈利发布后的 4% 下跌突显了对执行风险和成本压力的持续怀疑，以及第一季度的强劲表现是否真的可持续。</p>
</div><p>For long-term investors who believe in management's turnaround plan, today's drop could be an opportunity to buy. Target is clearly making progress in revitalizing sales growth and modernizing its business model.</p>
<div class="lb-trans"><p>对于相信管理层转型计划的长期投资者来说，今天的下跌可能是一个买入机会。Target 显然在恢复销售增长和现代化其商业模式方面取得了进展。</p>
</div><p>However, conservative investors may want to wait before committing to the stock. Taking a risk only makes sense if it brings a reward. Structural issues related to supply chain efficiency, inventory management, and cost pressures will continue to pose risks to the company.</p>
<div class="lb-trans"><p>然而，保守的投资者可能希望在承诺购买该股票之前再等等。冒险只有在带来回报时才有意义。与供应链效率、库存管理和成本压力相关的结构性问题将继续对公司构成风险。</p>
</div><h2>Should you buy stock in Target right now?</h2>
<div class="lb-trans"><h2>现在应该购买 Target 的股票吗？</h2>
</div><p>Before you buy stock in Target, consider this:</p>
<div class="lb-trans"><p>在你购买 Target 的股票之前，请考虑以下几点：</p>
</div><p>The <em>Motley Fool Stock Advisor</em> analyst team just identified what they believe are the <strong>10 best stocks</strong> for investors to buy now… and Target wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.</p>
<div class="lb-trans"><p>_Motley Fool Stock Advisor_分析师团队刚刚确定了他们认为现在投资者应该购买的 <strong>10 只最佳股票</strong>……而 Target 并不在其中。这 10 只入选的股票在未来几年可能会产生巨大的回报。</p>
</div><p>Consider when <strong>Netflix</strong> made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, <strong>you’d have $481,750</strong>!* Or when <strong>Nvidia</strong> made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, <strong>you’d have $1,352,457</strong>!*</p>
<div class="lb-trans"><p>考虑一下 <strong>Netflix</strong> 在 2004 年 12 月 17 日进入这个名单时……如果你在我们推荐时投资了 1000 美元，<strong>你将拥有 481,750 美元</strong>！* 或者当 <strong>Nvidia</strong> 在 2005 年 4 月 15 日进入这个名单时……如果你在我们推荐时投资了 1000 美元，<strong>你将拥有 1,352,457 美元</strong>！*</p>
</div><p>Now, it’s worth noting <em>Stock Advisor’s</em> total average return is 990% — a market-crushing outperformance compared to 206% for the S&amp;P 500. <strong>Don't miss the latest top 10 list, available with <em>Stock Advisor</em>, and join an investing community built by individual investors for individual investors.</strong></p>
<div class="lb-trans"><p>现在值得注意的是，<em>Stock Advisor</em> 的总平均回报率为 990%——相比之下，标准普尔 500 指数的回报率为 206%，表现出色。<strong>不要错过最新的前 10 名股票列表，使用 <em>Stock Advisor</em>，加入由个人投资者为个人投资者建立的投资社区。</strong></p>
</div><p><strong>See the 10 stocks »</strong></p>
<div class="lb-trans"><p><strong>查看 10 只股票 »</strong></p>
</div><p><em>*Stock Advisor returns as of May 21, 2026.</em></p>
<div class="lb-trans"><p><em>*Stock Advisor 的回报截至 2026 年 5 月 21 日。</em></p>
</div><p><em>Isac Simon has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Target. The Motley Fool has a disclosure policy.</em></p>
<div class="lb-trans"><p><em>Isac Simon 在提到的任何股票中没有持仓。The Motley Fool 在塔吉特持有头寸并推荐该股票。The Motley Fool 有披露政策。</em></p>
</div><p>The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.</p>
<div class="lb-trans"><p>此处表达的观点和意见仅代表作者的观点和意见，并不一定反映纳斯达克公司的观点。</p>
</div>

Is Target Corp a Buy After Its Latest Earnings Report?

nasdaq

瑞银集团

英伟达

英特尔

摩根士丹利

NVIDIA Corporation

MORGAN STANLEY DEP SHS EA REP 1/1000 SHS NON CUM PFD O

MORGAN STANLEY DEP SHS REPSTG 1/1000TH PFD SER Q

MORGAN STANLEY DEP SHS REPS 1/1000 7.125% PFD E

MORGAN STANLEY NON-CUM DEP SH REP 1/1000 PFD SER I

MORGAN STANLEY 4.875 DEP SHS REP 1/1000 NCUM PFD SR L

MORGAN STANLEY 6.5%DEP SHS REPSTG 1/1000 NON CUM SER P

MORGAN STANLEY DEP SHS REPS 1/1000 PFD SER 'A'

MORGAN STANLEY DEP SHS REPR 1/1000TH INT PFD SER 'F' FX

MORGAN STANLEY DEP SHS REP 1/1000 NON-CUM PFD STK SER K

塔吉特公司在最新的财报发布后是否值得投资买入？