A month has gone by since the last earnings report for Target (TGT). Shares have added about 0.8% in that time frame, underperforming the S&P 500.Will the recent positive trend continue leading up to its next earnings release, or is Target due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the most recent earnings report in order to get a better handle on the important catalysts. Target Beats on Q3 Earnings, Raises FY19 ViewTarget Corporation continued with its impressive performance in the third quarter and provided an upbeat outlook for fiscal 2019. Robust traffic, favorable store comps and a surge in comparable digital sales are clearly working in favor of the company. Both the top and the bottom lines not only surpassed the Zacks Consensus Estimate but also increased year over year.Let’s Delve DeeperThis operator of general merchandise stores reported adjusted earnings of $1.36 per share that surpassed the Zacks Consensus Estimate of $1.19 and improved 24.9% from the prior-year period. This year-over-year growth can be attributable to higher sales and share repurchase activity.Target envisions fourth-quarter adjusted earnings between $1.54 and $1.74 per share, the mid-point of which — $1.64 — is higher than $1.53 reported in the year-ago period. For fiscal 2019, management now anticipates adjusted earnings in the band of $6.25-$6.45, up from the prior range of $5.90-$6.20. The company had reported earnings of $5.39 in fiscal 2018.The company generated total revenues of $18,665 million that increased 4.7% from the year-ago period and surpassed the Zacks Consensus Estimate of $18,467 million. We note that sales jumped 4.7% to $18,414 million, while other revenue rose 8.8% to $251 million.Target is deploying resources to enhance omni-channel capacities, coming up with new brands, remodeling or refurbishing stores, and expanding same-day delivery options. Target has undertaken rationalization of supply chain with same-day delivery of in-store purchases along with technology and process improvements.Meanwhile, comparable sales for the quarter increased 4.5% compared with 5.1% growth witnessed in the year-ago period. The number of transactions rose 3.1%, while the average transaction amount improved 1.4%. Management envisions comparable sales to increase 3-4% in the final quarter and approximately 4% in fiscal 2019.Comparable digital channel sales surged 31% and added 1.7 percentage points to comparable sales. Within digital sales, 80% of third quarter growth was driven by same-day fulfillment options, in-store Pick Up, Drive Up and Shipt.Gross margin expanded 110 basis points to 29.8% during the quarter on account of cost optimization, pricing, promotions and assortment, and favorable category sales mix. Operating margin expanded 80 basis points to 5.4%. Management expects mid to high-single-digit increase in operating margin during the fourth quarter benefiting from gross margin expansion, offset by small increase in SG&A and D&A expense rates. For fiscal 2019, management envisions operating income dollar growth in the low-teens.Target’s debit card penetration shrunk 40 basis points to 12.5%, while credit card penetration fell 10 basis points to 10.7%. Total REDcard penetration declined to 23.1% from 23.7% in the year-ago quarter.Other Financial DetailsDuring the quarter, Target repurchased shares worth $294 million and paid dividends of $337 million. The company still had about $0.3 billion remaining under its $5 billion share buyback program approved in 2016. In September 2019, the company’s board authorized a new $5 billion share repurchase program.The company ended the quarter with cash and cash equivalents of $969 million, long-term debt and other borrowings of $10,513 million and shareholders’ investment of $11,545 million. Management now expects capital expenditures of $3.1 billion during fiscal 2019 attributable to remodel program, other investments in store assets, new store openings and supply chain and technology capabilities.For fiscal 2020, Target anticipates capital expenditures of $3.5 billion as it expects to remodel about 300 more stores. However, beyond fiscal 2020 the company plans to remodel 150-200 stores a year. As a result, capital expenditures for fiscal 2021 is projected to be in the range of $2.5-$3 billion.How Have Estimates Been Moving Since Then?It turns out, estimates review flatlined during the past month.VGM ScoresAt this time, Target has an average Growth Score of C, a grade with the same score on the momentum front. Charting a somewhat similar path, the stock was allocated a grade of B on the value side, putting it in the second quintile for this investment strategy.Overall, the stock has an aggregate VGM Score of B. If you aren't focused on one strategy, this score is the one you should be interested in.OutlookTarget has a Zacks Rank #1 (Strong Buy). We expect an above average return from the stock in the next few months.Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Target Corporation (TGT): Free Stock Analysis Report To read this article on Zacks.com click here. 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