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Target is scheduled to post earnings ahead of the opening bell Wednesday, with the retailer's stock expected to make big moves following the results.

Target shares have jumped this year amid enthusiasm around new CEO Michael Fiddelke's turnaround plan, which was detailed in Target's fourth-quarter report in March.

Target is scheduled to report earnings ahead of the opening bell Wednesday, with the retailer's stock seen potentially testing its highest point in over a year following the results.

Based on recent options pricing, traders anticipate Target (TGT) shares could move up to around 7% in either direction by the end of the week. A move of that size from Friday's close could lift shares above $130, their highest level since early 2025. The low end of that range would drag them under $113.

Target shares are up close to 25% since the start of the year, amid growing optimism around new CEO Michael Fiddelke's turnaround plan, which was detailed in Target's last report in March. The plan includes boosting spending this year to revamp store layouts and product assortments, while also investing in workers and new technology features.

Target's latest earnings could give investors and analysts insight into the company's efforts to return to consistent sales growth, as well as the broader health of the American consumer.

Morgan Stanley analysts recently wrote that they expect Target's first-quarter results to come in "modestly" ahead of estimates. The analysts said Target's stock is trading at a discount compared to retail rivals amid uncertainty around its margins and "varying expectations" for the success of Fiddelke's new initiatives.

Target is expected to report a 3% jump in revenue to $24.56 billion, its first year-over-year increase in sales in five quarters, along with adjusted earnings per share of $1.41, up 11 cents from the same quarter a year ago. Comparable store sales are projected to have climbed 2%, according to Visible Alpha estimates.

Analysts remain cautious on Target's stock, with the ten analysts with current ratings tracked by Visible Alpha split among three "buy," six neutral, and one "sell" rating. Their average price target just shy of $122, is less than a $1 above Friday's closing price.

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