NEW YORK (TheStreet) -- Shares of Target Corp. (TGT) are soaring, up 8.03% to $72.93 in late morning trading, after the retailer reported third quarter earnings of $352 million, or 55 cents per share, topping analysts' estimates of 47 cents per share. The company in August forecast third quarter earnings in a range of 40 cents to 50 cents per share.
The retailer reported revenue of $17.73 billion for the quarter, up from the $17.26 billion it posted in the same quarter last year, and topping analysts' estimates of $17.56 billion.
Target paid dividends of $330 million in the quarter, up 21.4% compared to the $271 million a year ago.
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For the fourth quarter, Target now expects earnings of $1.13 to $1.23 per share, versus analysts' estimates of $1.22 per share.
Target narrowed its fiscal year 2014 earnings outlook, and now projects earnings of $3.15 to $3.25 per share, versus its earlier forecast of $3.10 to $3.30 per share.
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, largely solid financial position with reasonable debt levels by most measures and good cash flow from operations. We feel these strengths outweigh the fact that the company has had sub par growth in net income."