TGT: Mixed Quarter May Be Good Enough

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Target (TGT) reported mixed earnings this morning but that may be good enough for the shares to bounce. Comps declined a more than expected 5.4% but margins firmed up resulting in better than expected EPS of $1.80. TGT also lowered its full year comp and EPS guidance. Nevertheless, given how beat up TGT shares are the stock is bouncing in the premarket (+7%) as I thought they might. The TGT Aug18 $122 Puts I sold for ~$2 on Monday are almost certain to expire worthless.

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