Keep an eye on Target (NYSE: TGT).

Expected to post earnings on Wednesday before the market opens, Wall Street is looking for an update on its turnaround under new leadership. The retailer’s shares have risen more than 50% year to date under CEO Michael Fiddelke, raising expectations ahead of the earnings report. 

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In Q1, Target generated $25.44 billion in sales, while comparable sales increased 5.6%. That marked Target’s first quarter of positive comparable sales in five quarters. Traffic increased 4.4%, and all six core merchandising categories posted gains.

eCommerce also continued to strengthen, providing another source of growth as Target works to regain momentum with consumers. Management had also doubled its full-year sales growth target to 4% and increased its quarterly dividend. The key question now is whether Q2 can confirm that the improvement is sustainable rather than simply a short-term rebound.

Heading into earnings, Wall Street expects for Target to post EPS of about $2.25 per share, which would be about 9.8% year over year growth. Revenue is expected to come in at around $26.06 billion, a 3.4% jump year over year. 

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Ian Cooper