Target (TGT) is scheduled to report fourth-quarter and full-year 2022 financial results tomorrow morning. I am recommending a protective put to hedge our LEAP call spread.
Note: No action is needed on the TGT Jan 2024 Monthly (1/19/24) 150/Apr Monthly (4/21) 175 Call Spread at this time.
Current Stock Price: $167
Cost Basis: $40.35
Action: Buy to open the TGT Mar Week Two (3/10) 152.50 Put for around $2.25, but adjust as needed to buy a put today
New Cost Basis: $42.60