Question #1: Based on the observed data shown below, which of the four quarters is normally best for Target? Please give the reason why.

Analyst Forecasts

Last Month's Revisions

Fiscal

Mean

High

Low

Median

# of Estimates

#Up

#Down

Mean %

Period

Change

Annual

18-Jan

5.72

5.95

5.5

5.72

15

2

0

0.16

Annual

17-Jan

5.17

5.33

5

5.17

27

4

1

0.12

Annual

16-Jan

4.71

4.76

4.51

4.71

26

2

2

-0.02

Quarterly

16-Jan

1.54

1.58

1.52

1.54

22

1

3

-0.15

Quarterly

16-Apr

1.2

1.26

1.1

1.21

13

2

2

-0.01

Quarterly

16-Jul

1.33

1.38

1.27

1.33

13

4

0

0.69

Quarterly

16-Oct

0.96

1.13

0.88

0.96

12

2

0

0.35

Long Term Growth

10.47

11.1

9.3

11

3

0

0

0

Actuals
		Reported EPS	Mean Estimate	Surprise % Change
Annual	15-Jan	4.27	3.96	7.71
Quarterly	15-Jan	1.5	1.46	2.75
Quarterly	15-Apr	1.1	1.03	6.61
Quarterly	15-Jul	1.22	1.11	9.6
Quarterly	15-Oct	0.86	0.86	0.11
Annual	14-Jan	3.25	3.17	2.6
Annual	13-Jan	4.38	4.4	-0.54