Target (NYSE:TGT) has been making shareholders wealthy for a long time now -- even turning some of them into millionaires. For instance, those who invested $10,000 in Target's shares in Dec. 1982 are now members of the two comma club, or millionaires. 

However, you'd probably be more interested in learning if investing in Target's stock now could still make you financially well-off. Let's dig a little deeper into the company's prospects to determine if it's still a millionaire-maker stock. 

A Target store exterior.

Target is growing market share during the pandemic. Image source: Target.

Target's revenue growth prospects  

As an essential retailer, Target has had the fortune of keeping all its stores open during the pandemic, despite stay-at-home orders. That has, in part, allowed Target to achieve rapid sales growth in fiscal 2020.

Fortunately for long-term investors, the sales gains are leading to market-share gains for the company. Moreover, the percentage of sales from red card members, who tend to be existing Target customers, decreased from 23.1% to 21.5% in the most recent quarter, which means Target succeeded in adding brand new customers.

Surely, some portion of those new customers will stick around for the long run. Moreover, even though there is positive news regarding a coronavirus vaccine, it could take months or a year before enough of the population is inoculated to achieve herd immunity. That may allow Target more time to acquire new customers from non-essential retailers and maintain robust sales growth. And should this growing customer base be pleased with the overall availability of merchandise and services at Target's stores, the ensuing sales growth should prove to be sticky. 

The inside of a Target store.

Image source: Target.

Profits and capital spending    

Starting in 2017, Target has invested billions in improving its stores, adding fulfillment options, and making the overall shopping experience more pleasant for consumers. The timing could not have been better as it made it capable of reliably and safely fulfilling the surge in customer demand during the pandemic.

In a sign that management is confident in the company's prospects, it announced that it would end the pause on share buybacks and resume buying shares of its own stock. Target has $4.5 billion remaining in a buyback program authorized by the board.

Indeed, robust revenue growth led to an increased operating profit margin, which is a great sign for investors. It remains to be seen, however, if this can be maintained beyond the pandemic.

A chart displaying Target's valuation multiples.

Data source: YCharts

The verdict 

Valuations seem fair for a company experiencing such positive growth trends. For example, it sells at a forward enterprise value to earnings before interest, taxes, depreciation, and amortization (EBITDA) of just under 11, which is roughly the same it was selling for in January, before the onset of the pandemic that resulted in sales and market share gains. For investors, that means you can buy a company that has increased sales substantially since the pandemic, but still trading at valuation levels before its onset.

Given its robust revenue growth prospects and price multiples that also have room to grow, Target certainly has the potential to mint new millionaires out of investors. You may not become a millionaire overnight, but if you are patient and add positions in this consumer goods stock over time, there's a great chance of ending up with much more wealth than you started with. 

This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium advisory service. We’re motley! Questioning an investing thesis -- even one of our own -- helps us all think critically about investing and make decisions that help us become smarter, happier, and richer.