Target (NYSE: TGT) is expected to report Q2 earnings on Aug. 15. Here's what Wall Street wants to see:

The 10-second takeaway
Comparing the upcoming quarter to the prior-year quarter, average analyst estimates predict Target's revenues will expand 3.6% and EPS will contract -1.9%.

The average estimate for revenue is $16.83 billion. On the bottom line, the average EPS estimate is $1.01.

Revenue details
Last quarter, Target logged revenue of $16.87 billion. GAAP reported sales were 5.8% higher than the prior-year quarter's $15.94 billion.

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Source: S&P Capital IQ. Quarterly periods. Dollar amounts in millions. Non-GAAP figures may vary to maintain comparability with estimates.

EPS details
Last quarter, EPS came in at $1.04. GAAP EPS of $1.04 for Q1 were 5.1% higher than the prior-year quarter's $0.99 per share.

Source: S&P Capital IQ. Quarterly periods. Non-GAAP figures may vary to maintain comparability with estimates.

Recent performance
For the preceding quarter, gross margin was 30.9%, 50 basis points worse than the prior-year quarter. Operating margin was 7.6%, 30 basis points worse than the prior-year quarter. Net margin was 4.1%, 20 basis points worse than the prior-year quarter.

Looking ahead
The full year's average estimate for revenue is $73.39 billion. The average EPS estimate is $4.33.

Investor sentiment
The stock has a four-star rating (out of five) at Motley Fool CAPS, with 2,399 members out of 2,633 rating the stock outperform, and 234 members rating it underperform. Among 776 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), 724 give Target a green thumbs-up, and 52 give it a red thumbs-down.

Of Wall Street recommendations tracked by S&P Capital IQ, the average opinion on Target is outperform, with an average price target of $63.44.

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