TGT

TARGET CORP (TGT) reports earnings Wednesday . Consensus EPS estimate is $1.34.

The expected move of ±10.2% translates to roughly ±$12.83 from the current price of $125.25. This defines the range the market is pricing in for the post-earnings reaction.

IV Rank sits at 50, indicating fairly-priced options. Neither premium sellers nor buyers have a clear structural edge here — let your directional thesis guide the trade.

An iron butterfly at the money could be effective here. The defined-risk structure works well when you expect the stock to stay near current levels after the report.

Enter the position 1-2 days before earnings to capture the final IV ramp. Plan to close the morning after the report once IV collapses — don't hold hoping for further decay.

Consumer names can move on same-store sales, foot traffic data, inventory levels, and forward guidance on discretionary spending trends.