May 18, 2011 / 3:19 PM / in 7 years

UPDATE 1-Target suggests Street forecasts may be too high

CHICAGO, May 18 (Reuters) - Analysts’ current forecasts for Target Corp’s (TGT.N) profits are above the midpoint of a likely range of outcomes, the company said on Wednesday, sending its shares down further in late morning trading.

A second-quarter forecast of $1.00 per share seems potentially achievable but above the midpoint of a range of outcomes, Chief Financial Officer Doug Scovanner said during a conference call. Also, a fiscal-year forecast of $4.23 per share is above the midpoint of a likely range of outcomes, he added.

Analysts, on average, expect the company to earn $1.00 per share this quarter and $4.23 per share this year, according to Thomson Reuters I/B/E/S.

Target expects to spend more on its Canadian expansion earlier than planned, pushing some costs forward into the fiscal year, he said.

Shares of Target, which were down about 1 percent when the company’s conference call began, were down 1.8 percent at $49.86 as the call continued on Wednesday morning. (Reporting by Jessica Wohl, editing by Gerald E. McCormick)

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