NEW YORK (TheStreet) -- Shares of Target Corp. (TGT) are slipping -4.84% to $57.76 in pre-market trade after the discount retailer lowered its second quarter earnings forecast, citing costs related to a data breach in December 2013, and that it expects sales to be flat.
The company's second quarter financial results will include gross expenses of $148 million, offset by a $38 million insurance receivable, related to the data breach
Target said it had 78 cents in earnings per share for the quarter ended August 2, lower than its estimated range of 85 cents to $1.
The retailer plans to report full second quarter results on August 20.
Separately, TheStreet Ratings team rates TARGET CORP as a Buy with a ratings score of B-. TheStreet Ratings Team has this to say about their recommendation:
"We rate TARGET CORP (TGT) a BUY. This is driven by a number of strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth and largely solid financial position with reasonable debt levels by most measures. We feel these strengths outweigh the fact that the company has had lackluster performance in the stock itself."