If you don’t expect much from Target Corp. when it reports second-quarter earnings before the bell on Wednesday, you have a better chance of not being disappointed. From a change at the top to data breaches to a cut in the company’s own forecast, Target has left analysts and investors little hope for its upcoming report, and many are hoping that the retail giant will find a way to stanch the bleeding. But if the company can’t find a way to come close to analyst expectations, prospects look dim for Target shares, which have slid markedly since dropping from $70 around this time last year. Shares now trade in the high $50s. Earnings: Target warned earlier this month that it now expects second-quarter earnings to come in around 78 cents a share, down from its May forecast of 85 cents to $1 a share. Continued trouble over the company’s data breaches, coupled with soft results from its Canadian stores led to the cut in the forecast. Analysts, however, are slightly optimistic Target can somehow pull off at least a penny better, even though the company’s projection was just released Aug. 5. Analysts polled by FactSet now see earnings of 79 cents a share for the quarter. Revenue: Target has made no projection for sales for the quarter. The FactSet estimate calls for sales of $17.4 billion, slightly above the $17 billion reported a quarter ago. For investors, revenue has been a pleasant surprise of late. After a string of six disappointing quarters, Target has beat expectations in the last two. Earnings have been less of a positive story; there have been only two upside surprises dating back to the third quarter of 2012. Stock reaction: Unless Target somehow falls short of its own lowered forecast, it’s likely much of the sting is gone from shares, which dropped abruptly on the Aug. 5 warning. However, Target didn’t cut its full-year forecast then, so an even more dismal view of the rest of the year could cause more pain. Target is projecting adjusted earnings of $3.60 to $3.90 a share for the quarter, but analysts cut that number to $3.47 after the warning. Shares have been spotty since reaching a peak in mid-2013, but are trending downward. Other issues: Target’s data breach, in which as many as 110 million customers’ credit and debit card accounts were compromised, is something the company continues to take heat over. It’s unclear how long it will take Target to get out from under that cloud. There may be a glimmer of hope with the arrival of new Chief Executive Brian Cornell, but that event came too late to help with second-quarter earnings. The company wants to keep some stores open until midnight as it pushes for additional traffic and gears up for the annual fight for holiday sales. The new hours take effect this month and will be evaluated after the holidays.marketwatch